Oct 13 CIT Group Inc (CIT.N) said Chief Executive Jeffrey Peek plans to retire at the end of the year, the latest in a series of high-level departures from financial institutions during the financial crisis. CIT said its board is forming a committee to search for a successor. [ID:nN137281]
Here are some other high-profile departures:
* On Sept. 30, Bank of America Corp (BAC.N) said Chief Executive Ken Lewis will retire by year's end.
* On Sept. 29, Hartford Financial Services Group Inc (HIG.N) said Chief Executive Ramani Ayer will resign Oct. 1, to be replaced by Liam McGee. Ayer had announced his intention to retire in June.
* On Sept. 10, Morgan Stanley (MS.N) said Chief Executive John Mack will step down, to be replaced by James Gorman, one of the investment bank's co-presidents, on Jan. 1. Mack will remain chairman.
* On Aug. 3, American International Group Inc (AIG.N) said Edward Liddy would retire on Aug. 10, and be replaced by Robert Benmosche as chief executive.
Liddy, who had previously announced his intention to leave, took over from Robert Willumstad on Sept. 18, 2008. Willumstad took the job from Martin Sullivan only three months earlier, on June 15, 2008.
* On Nov. 5, bankrupt Lehman Brothers Holdings Inc LEHMQ.PK said Chief Executive Richard Fuld will leave by year's end. He resigned as director and chairman of board, effective May 15, 2009.
* On Sept. 8, Washington Mutual Inc WAMUQ.PK ousted Kerry Killinger as chief executive, to be replaced by Alan Fishman. The thrift was closed 18 days later and its banking assets sold to JPMorgan Chase & Co (JPM.N).
* On July 9, Wachovia Corp named Robert Steel as chief executive, taking over from interim CEO Lanty Smith. Smith had replaced Ken Thompson, who was ousted as CEO on June 2. Steel left after Wachovia was taken over by Wells Fargo & Co (WFC.N).
* On Jan 8, Bear Stearns Cos Inc said star investment banker Alan Schwartz would replace James Cayne as chief executive. Schwartz left soon after JPMorgan bought Bear in May.
* On Dec 11, Citigroup Inc (C.N) named Vikram Pandit as chief executive and acting CEO Win Bischoff as chairman. On Nov. 4, Charles Prince had resigned as chairman and chief executive.
* On Nov 14, Merrill Lynch named John Thain as its new CEO. Thain replaced Stan O'Neal, who was ousted as Merrill's CEO and chairman Oct. 30.
Thain himself was eventually ousted by Lewis from Bank of America on Jan. 22, 2009, after Lewis bought Merrill Lynch. (Reporting by Paritosh Bansal)