This page has been archived and commenting is disabled.

John Thain Quits As CEO Again, This Time Without Blowing Up His Company First

Tyler Durden's picture




 

The last time John Thain departed as a CEO under some duress, it was just after Merrill had received a taxpayer bailout (which was used among other things to pay for Thain's bonus) and also after Thain had spent $1.22 million of corporate funds to renovate two conference rooms, a reception area, and his office, $131,000 for area rugs, $68,000 for an antique credenza, $87,000 for guest chairs, $35,115 for a gold-plated commode on legs, and $1,100 for a wastebasket.

Moments ago, the 60-year-old quit for the second time in the past 7 years, this time as CEO of CIT which he joined in February 2010, however without any taxpayer bailouts on deck this time... to the best of our knowledge.

Now: what does the relatively young Thain know that everyone else doesn't?

From the CIT press release:

CIT Announces Senior Management Succession Plan

The Board of Directors of CIT Group Inc. (CIT), a leading provider of commercial lending and leasing services, today announced that Chief Executive Officer John A. Thain will retire effective March 31, 2016, and will continue to serve as Chairman of the Board of Directors, and that CIT Board Member Ellen R. Alemany will become a member of the management team as Vice Chairman effective November 1, 2015, and upon Mr. Thain’s retirement become Chief Executive Officer. The Board also announced that Vice Chairman Steven Mnuchin will step down from Management effective March 31, 2016, and will remain as a member of the Board of Directors. The Company announced the appointment of CIT Corporate Controller Carol Hayles as Chief Financial Officer effective November 1, 2015.

Vice Admiral John Ryan, CIT Lead Director, speaking on behalf of the Board of Directors, said, “John has been a pivotal leader during one of the most challenging times in CIT’s more than 100 year history. Under his leadership he has overseen the successful corporate and financial restructuring of CIT. Since taking the helm in 2010, he returned CIT to profitability; rebuilt its management team; eliminated or refinanced approximately $31 billion of high-cost debt; oversaw the termination of the Company’s Written Agreement with the Federal Reserve; returned more than $1.7 billion to shareholders; established a premier Internet Bank, and completed the acquisition of Direct Capital and OneWest Bank. On behalf of the Board, employees and shareholders we extend our gratitude to John for his success and commitment to CIT.”

Mr. Ryan continued, “As part of our succession planning efforts, we are pleased to announce the appointment of Ellen Alemany as Vice Chairman of CIT as she transitions to her new role as CEO, a position she will assume on April 1, 2016. As an experienced and well respected leader in the commercial banking sector, she is well suited to assume these responsibilities and lead CIT forward. On behalf of the Board we congratulate Ellen on her new position and look forward to working with her in the future.”

Mr. Thain commented, “It’s been a pleasure to lead an outstanding group of employees over the past five years and oversee CIT’s successful restructuring. Their hard work and commitment were critical to our efforts to rebuild and grow CIT and has helped ensure that CIT continues to play an important role in supporting small and middle market businesses, two sectors that remain the backbone of the U.S. economy.”

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 10/21/2015 - 16:27 | 6695727 ersatz007
ersatz007's picture

This man is the reason I got rid of my Bank of America account.

Wed, 10/21/2015 - 16:38 | 6695774 world_debt_slave
world_debt_slave's picture

I forget why I got rid of my BofA account years ago

Wed, 10/21/2015 - 16:40 | 6695781 JRobby
JRobby's picture

Just another of the thousands that will be in the long line for the guillotine. He will be somewhat close to the front of the line.

Wed, 10/21/2015 - 16:56 | 6695844 kliguy38
kliguy38's picture

Don't cry for me Argentina for I know I tried to screw thee............Thain = Pure Scumbag

Wed, 10/21/2015 - 20:22 | 6696628 Captain Kink
Captain Kink's picture

Thain came in after Stan O'Neill killed ML.  Stan left with 200+ mm for a job well done.  I was there.  

Thu, 10/22/2015 - 02:49 | 6697386 Manthong
Manthong's picture

“Without Blowing Up His Company”

yeah, but watch out for the delayed detonation”

Wed, 10/21/2015 - 17:52 | 6696079 slaughterer
slaughterer's picture

Thain sold his Sanibel Island, Florida mansion just recently.  He is one of the worst of the kleptocrat class.  

Thu, 10/22/2015 - 07:38 | 6697585 cn13
cn13's picture

Dimon was the reason I closed my Chase account.

In order to fight the Beast, you must first starve the Beast.

Wed, 10/21/2015 - 16:28 | 6695729 NotApplicable
NotApplicable's picture

I can't wait to see where his golden touch lands him next.

Wed, 10/21/2015 - 16:30 | 6695742 NYPoke
NYPoke's picture

I can't wait to see if CIT is BK by Christmas, or Halloween.

Wed, 10/21/2015 - 16:46 | 6695806 BandGap
BandGap's picture

Could be a rat leaving the ship and looking for a hole to hide in.

Wed, 10/21/2015 - 16:32 | 6695734 THE COIN
THE COIN's picture

' Blue HorseShoe hates CIT '

                    J. Thain

Wed, 10/21/2015 - 16:32 | 6695750 buzzsaw99
buzzsaw99's picture

thanks for the bonuses bitchez. yes, they really are that much better than the rest of us.

Wed, 10/21/2015 - 16:38 | 6695771 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

He still lives on Park Avenue so he can't be on the ropes anytime soon.

Wed, 10/21/2015 - 16:38 | 6695773 Rainman
Rainman's picture

This must be evidence middle market shale lending lines are current and strong ! ....hehehehe

Wed, 10/21/2015 - 16:39 | 6695778 vincent
vincent's picture

They got 2 billion in TARP funds in 2008-09.

They filed for Chapter 11 in 2009.

Hired Thain in 2010.

And the wheels on the bus go round and round.

 

Let's see what he walks away with.  Better yet, let's see where the two billion was allocated during his tenure

 

Wed, 10/21/2015 - 16:43 | 6695792 JRobby
JRobby's picture

What he should walk away with is a paper bag full of shale oil, fracking fluid and feces.

What he will walk away with is $$millions$$

Wed, 10/21/2015 - 16:42 | 6695787 Bay of Pigs
Bay of Pigs's picture

Thain richly deserves a shove out of the top floor window.

Wed, 10/21/2015 - 17:42 | 6696039 Dave Thomas
Dave Thomas's picture

Defenestrate yourselves you fuckers!

Wed, 10/21/2015 - 16:42 | 6695788 I woke up
I woke up's picture

I sure hope he has enough money set aside to retire /s

Wed, 10/21/2015 - 16:48 | 6695816 Seer
Seer's picture

But, BUT!  How did this decorating work turn out?

Wed, 10/21/2015 - 17:44 | 6696046 Oldwood
Oldwood's picture

As a custom furniture builder, I must say I'm more than a little insulted that he hasn't called...

Wed, 10/21/2015 - 17:02 | 6695872 fowlerja
fowlerja's picture

Just knew Goldman Sacks was involved somewhere in this mess...

"He also worked at Goldman Sachs, as head of its mortgage securities division from 1985 to 1990, and president and co-chief operating officer from 1999 to 2004."

Wed, 10/21/2015 - 17:03 | 6695878 WillyGroper
WillyGroper's picture

Guess CIT won't get a cut from the loans @ 7% for everyone forced to change out their appliances to comply with Agenda 21.

Goodbye nat gas...even appliance stores are unaware of this.

They want everything total electric for the squeeze.

Gonna monitor wells & even your propane tank.

Whatever you do, don't let them in your house for an energy audit. Another database to prevent the sale of your home.

They pulling that crap in my state now.

Wed, 10/21/2015 - 17:10 | 6695905 hongdo
hongdo's picture

I remember that.  Why can't they.  Ooops, I'm not in the club.

Wed, 10/21/2015 - 17:14 | 6695910 Two Theives and...
Two Theives and a Liar's picture

He went to MIT and was instrumental in the NYSE's HFT "takeover", replacing interim NYSE Boss John Reed, after Grasso blew up. Appears somewhat lizard-like in person...but was reasonably nice in the hallway...not all of "them" are.

Wed, 10/21/2015 - 17:48 | 6696066 JamaicaJim
JamaicaJim's picture

yes.

 

 

....but there is a giant hissing sound and smoke coming out of that fuse and I......BAM!

Wed, 10/21/2015 - 19:35 | 6696467 Escapeclaws
Escapeclaws's picture

He looks less ugly than usual in the photo.

Wed, 10/21/2015 - 20:14 | 6696602 TheAntiProgressive
TheAntiProgressive's picture

Am I the only one but this guy has always struck me as some kind of awkward Frankenstein monster kinda huy.

Thu, 10/22/2015 - 07:35 | 6697577 cn13
cn13's picture

It is amazing companies keep putting proven losers like Thain in charge.

Kinda like Amerikans continuing to vote for a Bush or Clinton for President.

We never seem to learn from our mistakes.

Do NOT follow this link or you will be banned from the site!