CIT names new CFO

CIT Group has named John Fawcett as executive vice president and chief financial officer.

He succeeds CFO Carol Hayles, who has decided to pursue other opportunities and will step down in early May.

Fawcett will report to chairwoman and chief executive officer Ellen Alemany and serve on the company’s executive management committee.

Alemany said: “John is a seasoned finance professional and strategic leader with a strong banking background.

“He brings deep expertise across the finance disciplines, including financial planning, treasury management, accounting and regulatory matters. John will be a key partner to me and the management team as we continue to advance our strategic plans and grow our core businesses.”

Fawcett served as CFO of Citizens Financial Group (CFG) and Royal Bank of Scotland (RBS) Americas from 2007 through 2015. Prior to this he had a 20-year tenure at Citigroup with CFO roles in various areas. Most recently, Fawcett served on the board of Rabobank North America.

Alemany added: “I want to thank Carol for her significant contributions to CIT over the past seven years. Since being named CFO in 2015, she has played a key role in our strategic transformation and helped to advance efforts such as the integration of OneWest Bank, the sale of the Commercial Air business and our plans to return capital to shareholders. These efforts have helped to position the company to deliver on our plans to create long-term shareholder value.”