As expected, CIT Group selected one of its directors, 64-year-old Peter Tobin, to serve as acting chief executive.

Tobin replaces Jeffrey Peek, whose retirement from CIT was effective Jan. 15.

"The search for a permanent CEO continues to progress as the board seeks to fill this position in an expeditious manner," the company stated in a press release. "Once appointed, the CEO will also serve on CIT’s board of directors."

Tobin has been a CIT director since July 1, 2002, having also served on the board from May 1984 until June 1, 2001. From September 2003-May 2005, he was special assistant to the president of St. John's University for corporate relations and development. For five years, beginning in August 1998, Tobin served as dean at the business school that bears his name: St. John's University's Peter J. Tobin College of Business.

Prior to entering academia, Tobin was chief financial officer of Chase Manhattan and Chemical Banking Corp. from 1992-1996. Before investment banking, he served in a variety of executive positions at Manufacturers Hanover Corp.

On the CIT board, Tobin has been chairman of the audit and risk management committees as well as lead director.

In December, the lender's chief financial officer, Joseph Leone, announced he would also retire, effective April 30.


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