Shays Resigns From CIT Board
Former congressman was only on the board for eight months
January 12, 2010
Less than a year after joining the CIT Group board of directors, former Congressman Christopher Shays has resigned.
Shays, who represented the Fourth District of Connecticut in the House of Representatives from 1987-2009, was elected to CIT’s board in May. At the time, his addition expanded the CIT board to 10 members, consisting of nine independent directors and CIT’s chairman and CEO, Jeffrey Peek. Shays served as a member of the board’s nominating and governance committee.
Lois Van Deusen, another CIT director, has also resigned from the board. Van Deusen joined the CIT board in January 2003 and is the former managing partner of law firm McCarter & English.
The two resignations, though, have not shrunk CIT’s board. The company, which emerged from bankruptcy protection in December, added new directors Gerald Rosenfeld, Laura Unger and Anthony Terracciano. The board now consists of 13 directors — 12 independent directors and Peek, who is retiring from the company on Jan. 15. Seven of the 12 independent directors have joined the board following CIT’s bankruptcy exit.
In a press release, CIT stated that the search for a new CEO "continues to progress," and that the new board makeup was "contemplated by the company's plan of reorganization."
Rosenfeld is deputy chairman of Rothschild North America, having served as CEO of the firm for eight years. He previously served as head of investment banking at Lazard.
Unger was commissioner of the Securities and Exchange Commission from November 1997-February 2002 and served as acting chairperson of the agency from February-August 2001. She has been an independent consultant to JPMorgan regarding the Global Analyst Conflict Settlement since 2003.
Terracciano has been chairman of SLM Corp. (Sallie Mae) since January 2008. Earlier in his career, he was president of First Union Corp., CEO, president and chairman of First Fidelity Bancorp and president and chief operating officer of Mellon Bank Corp. He also spent 23 years at Chase Manhattan Bank, where he became vice chairman of wholesale banking and investment banking.
Last month, CIT announced the additions of four directors to its board and stated its chief financial officer, Joseph Leone, will retire on April 30.
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