Jeffrey Peek, the chief executive officer of CIT Group Inc., will step down at the end of the year as the lender works to stave off bankruptcy. CIT is the leading factoring firm to the retail community.
CIT, a 101-year-old company that is one of the largest lenders to
thousands of small and midsize businesses, is forming a search
committee that will begin the recruitment process for a replacement.
The commercial lender, which has received $2.3
billion in federal bailout money, may be forced to seek bankruptcy
court protection if it is unable to restructure its debt. Reuters is reporting that analysts have said Peek's departure could be a sign
that the company does plan a Chapter 11 filing that would enable it to
reorganize its operations and finances.
