CIT Names Nelson Chai President

August 08, 2011, 2:20 p.m. EDT 1 Min Read

CIT Group has appointed Nelson J. Chai as president, the company said today.

Chai, 46, was previously executive vice president, chief administrative officer and head of strategy.

As president, he will maintain his current responsibilities as well as assume oversight of CIT’s corporate finance and vendor finance operating segments. He will continue to report directly to chairman and chief executive John A. Thain.

In addition to his expanded responsibilities, Chai will continue to oversee CIT’s global infrastructure and operating architecture including its technology platforms. He will also continue to lead the company’s strategic planning and business development, as well as oversee the insurance and corporate services functions.

Prior to joining CIT, Chai served as executive vice president and chief financial officer of Merrill Lynch. Before this, he was executive vice president and chief financial officer of NYSE Euronext and its predecessor company NYSE Group, and was chief financial officer of Archipelago Holdings.

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