CIT Appoints Ex-Merrill CEO

CIT Group has appointed former Merrill Lynch CEO, John Thain, The Wall Street Journal reports. Thain will join CIT as its CEO and Chairman.

Thain, who is planning to work on CIT’s funding matters and rebuild management, will get restricted shares valued at $5.5 million, $2.5 million of which will not be available for one year. Thain has previously worked with Goldman Sachs and the New York Stock Exchange.