John Thain Plans To Retain CIT Group’s (CIT) Aircraft Finance Unit

Bloomberg reports that CIT Group Inc. (NYSE: CIT) CEO, John Thain, plans to retain the company’s aircraft finance unit during the next round of asset sales.

Earlier, C. Jeffrey Knittel, President of CIT’s transportation finance business, said, “CIT Aerospace is going to be a core piece of CIT for the future. John Thain has decided this business is core.” Knittel’s comments came during a meeting of the International Society of Transport Aircraft, which was held on Tuesday.

Thain, who was appointed as CIT’s CEO on February 7, is planning to sell noncore assets at the company and restrict it to profitable businesses only. CIT had emerged from a bankruptcy back in December.

Curt Ritter, a CIT spokesman, said, “As the third-largest aircraft leasing business in the world, we remain committed to maintaining the value of this important franchise and meeting the needs of its customers.”