CIT Group Names John Thain New CEO (CIT)
Disgraced former Merrill Lynch CEO, John Thain, is taking over the top job at troubled lender CIT Group (NYSE: CIT). Thain will be paid a $500,000 salary and be granted restricted shares that would have a current value of $5.5 million. CIT (CIT) emerged from bankruptcy in December after eliminating around $10 billion in debt.
In addition to his time at Merrill Lynch, Mr. Thain is a former president at Goldman Sachs (NYSE: GS) and head of the New York Stock Exchange. Thain was responsible for saving Merrill Lynch during the credit crisis, by negotiating its sale to Bank of America (NYSE: BAC).
Prior to the sale to Bank of America, Thain drew intense criticism for a multi-million dollar office renovation while his firm was losing billions. He also drew public ire when he attempted to collect a $10 million bonus at Merrill in 2008. Thain ended up losing his job after it was revealed that he signed off on billions of dollars in bonuses paid out to Merrill employees before the Bank of America deal closed.
