CIT Names Director Peter J. Tobin Interim Chief Executive Officer

Search for Permanent CEO Continues To Progress

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), a leading provider of financing to small businesses and middle market companies, today announced that its Board of Directors has appointed current Board member Peter J. Tobin (64) Acting Chief Executive Officer. For an interim period until a new CEO has been appointed, he replaces Jeffrey M. Peek, whose resignation as Chairman and CEO was effective January 15, 2010. Mr. Tobin will continue to serve as a director of CIT. During his long tenure with CIT’s Board of Directors, Mr. Tobin has held several leadership roles, including Chairman of the Audit Committee, Chairman of the Risk Management Committee, and Lead Director.

The search for a permanent CEO continues to progress as the Board seeks to fill this position in an expeditious manner. Once appointed, the CEO will also serve on CIT’s Board of Directors.

Mr. Tobin has been a director of CIT since July 1, 2002, and previously from May 1984 to June 1, 2001. He retired from St. John’s University in May 2005, after serving as Special Assistant in Corporate Relations and Development to the President of St. John’s University since September 2003, and previously as Dean of the Peter J. Tobin College of Business at St. John’s University since August 1998. From March 1996 to December 1997, Mr. Tobin was Chief Financial Officer of The Chase Manhattan Corporation and served as Chief Financial Officer of Chemical Banking Corporation from January 1992 to March 1996. Prior to 1992, he held a number of executive positions at Manufacturers Hanover Corporation.

About CIT

CIT (NYSE:CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com