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John Thain's Mentee Gets Promotion
CIT Group promoted Nelson Chai to President; he's currently the company's CAO and head of strategy. The bank holding company, which provides primarily financing and leasing products and services to small- and mid-market businesses, said Mr. Chai will keep his current responsibilities while heading the bank's corporate finance and vendor finance businesses.
The promotion is not all that surprising, given that Nelson Chai, who's been at CIT for a year, has had a long, close working relationship with the current CIT CEO, John Thain. Mr. Chai worked for Thain at the NYSE, and then at Merrill Lynch. At Merrill, Chai served as CFO under CEO Thain. He also was one of several Thain appointees who left Merrill Lynch in 2009 after it was acquired by Bank of America. [Dealbook, 8/8/11]
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