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
* 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
* 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
* 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)