CIT Group in New York has shuffled its executive management committee as it continues to move away from commercial finance and focus on traditional business banking.
The $49.3 billion-asset company on Wednesday appointed Mike Jones, previously head of equipment finance, to president of its business capital unit, effective immediately. He joined CIT in 2016 from EverBank, the $27.8 billion-asset company that TIAA acquired in June 2017.
In his new role, Jones succeeds Steve Solk, who was president of CIT's business capital and consumer banking divisions. Solk will now focus entirely on consumer banking, as the company works to increase its core deposits.
Additionally, CIT will promote Jeff Lytle to president of its rail leasing business April 1; he is a senior vice president in the division. He joined the company in 2005 and will succeed George Cashman, who plans to retire this summer.
“We entered 2018 with a strong focus on growing our business and expanding on our core strengths in the marketplace,” said Ellen Alemany, CIT’s chairwoman and CEO. “One of CIT's strengths is our deep expertise in our business segments, and we were able to draw on that internal strength in naming the new heads of our business capital and rail units."
As part of their promotions, Jones and Lytle will join CIT’s executive management committee. They will report directly to Alemany.
Since taking over as CEO in April 2016, Alemany has worked to refocus CIT, the once-struggling commercial finance company, into a middle-market lender. In her nearly two years at the helm, she has sold off noncore businesses, such as a $10 billion aircraft leasing division, as well as financing units in Canada and Europe.