Magazine

Table: Portrait of a Survivor


Despite CIT's turbulent history, CEO Al Gamper has hung on for nearly two decades:

1984

Manufacturers Hanover buys CIT from RCA for $1.5 billion. Bank exec Gamper orchestrates deal.

1987

Gamper put in charge after the unit underperforms.

1989

Cash-strapped MH sells 60% of CIT to Japan's Dai-Ichi Kangyo Bank.

1989-1997

While competitor GE Capital goes on buying spree, Gamper emphasizes slow internal growth.

1997-1998

Dai-Ichi spins off its CIT stake in two offerings. Tech-crazy markets react coolly.

1999

Gamper makes first big buy--Toronto-based finance company, Newcourt Credit--despite its last-minute writedown.

2001

Tyco buys CIT for $9.5 billion, keeping Gamper as CEO.

2002 JAN.2

Tyco says it will split into four companies, CIT among them.

FEB.

Tyco reverses course but goes ahead with CIT spin-off.

JUNE

SEC approves CIT IPO. Tyco estimates it will fetch up to $5.8 billion.


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