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The Associated Press June 1, 2010, 3:40PM ET

CIT Group names new heads of credit, strategy

Business lender CIT Group on Tuesday named Robert C. Rowe as its chief credit officer and Nelson J. Chai as its chief administrative officer and head of strategy.

Chai, 44, previously held the chief financial officer post at Merrill Lynch & Co. Inc. Prior to that, he was chief financial officer of NYSE Euronext.

Chai will report directly to John Thain, CIT Group's chairman and chief executive.

Rowe, 49, was most recently at FirstMerit Bank, where he was senior credit officer of commercial banking. Prior to that, he was chief credit officer of National City Bank.

His appointment is effective June 2.

CIT Group Inc., a commercial bank holding company that lends primarily to small and midsized businesses, entered bankruptcy last fall but emerged rapidly after reshuffling its mounting debt.

In April, the company said it turned a profit in its first quarter since emerging from bankruptcy protection.

Shares in CIT Group added a penny to $36.80 in afternoon trading.

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