CIT shuffles leadership of risk unit

CIT Group in New York has a new chief risk officer.

The $40 billion-asset CIT on Friday named Wahida Plummer to the post, effective immediately. Plummer joined the company in 2017 as an executive vice president in charge of regulatory matters. Before that, she was head of risk management in the consumer lending group at Wells Fargo.

Plummer succeeds Robert Rowe, who “has elected to leave the company to pursue other career opportunities,” CIT said in a press release.

Additionally, CIT announced that Chief Credit Officer Marisa Harney has taken on an expanded role, and will now oversee all areas of credit risk.

Harney’s title will not change with her promotion, but she will take on the additional role of co-chairing the committee that oversees the allowance for loan losses. She will also oversee the development of credit models.

Both executives will report directly to Chairwoman and CEO Ellen Alemany. They will also serve on the executive committee.

“Both Wahida and Marisa are strong leaders with deep expertise in risk management for larger banking institutions,” Alemany said in the press release. “I'm pleased to have them take on these roles as CIT continues to evolve and deliver on its strategic plan.”

The changes mark the second time this year that Alemany has reshuffled her executive team. CIT in January announced new leaders in its consumer and business banking divisions.

Alemany is in the midst of a multiyear turnaround of the once-struggling commercial finance company. Over the past two years, she has sold noncore businesses, including a $10 billion-asset aircraft leasing division, and refocused the company on middle-market lending.

The turnaround has been bumpy at times. During the first quarter, CIT’s profits plunged 46%, to $97 million, after the company charged off a large commercial credit.