CIT Group Inc. recently announced that Kenneth McPhail has been named executive vice president and chief strategy officer, effective immediately. In this role, he will have responsibility for strategic planning and initiatives, mergers, acquisitions and divestitures that advance the company's goals. McPhail will report to Chief Financial Officer John Fawcett and serve on CIT's Executive Management Committee. McPhail succeeds Kelley Morrell who is leaving CIT to pursue another career opportunity.
"Ken is a seasoned leader with more than 30 years of banking experience," said Fawcett. "He brings broad industry perspective, strong leadership skills and a thoughtful approach to developing and executing strategic initiatives. He will be a key contributor in advancing CIT's strategic goals for the future."
McPhail joins CIT from MUFG Union Bank where he was the managing director and head of Corporate Strategy and Development. Prior to that role, he served as the co-head of Depository Institutions at Bank of America Merrill Lynch where he was a strategic advisor to international and regional bank holding companies. McPhail was at Citigroup as the head of Depository Institutions from 1995 to 2006 and began his career at The First Boston Corporation in 1985. He received his bachelor's degree in economics from Brown University.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $50 billion in assets as of June 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com.