CIT Group said Monday it has named Alexander Mason its president and chief operating officer, effective immediately.

Mason, who served as vice chairman and COO of Mercantile Bankshares until it was purchased by PNC Bank in March 2007, will report to CIT chairman and chief executive Jeff Peek, and will be a member of CIT's executive committee.

CIT said Mason will oversee the operations of the company and all business segment leaders will report to him. In addition, he will have oversight of the company’s technology, sales and business development functions.

In a prepared statement, CIT said that Mason’s focus on operations will help Peek concentrate on strategic initiatives, corporate governance, client management, and stakeholder relations.

Before his work at Mercantile Bankshares, Mason held executive positions at Deutsche Bank and Bankers Trust.

Mason held the position of vice chairman, Deutsche Bank Americas, and prior to that he was COO of the German bank's global corporate finance business. Prior to Deutsche Bank, he spent more than 20 years at Bankers Trust where he last held the position of managing director and co-head of corporate finance.

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