CIT Group (CIT) in New York has named a new president for its banking unit.

Randy Chesler will succeed John Taylor as president of CIT Bank in Salt Lake City, the company said Tuesday. Taylor will leave CIT following a transition period.

Chesler is currently vice chairman of the $13.9 billion-asset CIT Bank. Earlier he served as its president of consumer finance and small business lending. He was previously president and chief executive of the payments firm Size Technologies. He has also held executive positions at Visa (V) and Citigroup (C).

Chesler's "experience in helping build CIT Bank, his background in technology, consumer finance and commercial lending will play an important role as we continue to grow the assets and deposits of CIT Bank," Raymond J. Quinlan, CIT Group’s executive vice president of banking, said in the news release.

CIT Group, which has assets of $35 billion, was freed from an enforcement action with the Federal Reserve in May.

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