CIT Awards Top Position To Disgraced Merrill Lynch CEO
February 8, 2010
(ChattahBox) – Despite the controversy over his authorized billions in bonuses prior to the takeover of Merill Lynch by Bank of America last year, John Thain has been selected by CIT to save their institution.
CIT has been struggling to recover after a bankruptcy in 2009, which has left them floundering for a foothold in the current economy.
As one of the largest lenders in America for small businesses they are seen as a key part of putting emphasis on small business owners to boost a market straining under the dominance of major corporations.
But the selection of Thain will be seen as a surprise by many.
While graced with a long career in finance, the disgraced CEO still lives under the controversy of his time as leader of Merill Lynch, and his actions just prior to the buyout.
But Thain isn’t letting that effect him. His tone about CIT’s future is optimistic.
“Much has been accomplished in recent months to position CIT for renewed success,” Thain said.
“We will build upon this progress and work even harder to support small and mid-market businesses. CIT can and will serve an important role in the recovery of the U.S. economy and the creation of jobs.”
The CEO will get an initial annual salary of $500,000, as well as $5.5 million in stock, with a little over half subject to a three year waiting period for sales.
He is subject to $1.5 million in bonuses based on his performance for 2010.