SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 27, 1998
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The CIT Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-1861 13-2994534
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1211 Avenue of the Americas
New York, New York 10036
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Registrant's telephone number, including area code (212) 536-1390
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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See the attached press release regarding a stock repurchase
program announced by the Corporation, filed as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1 Press Release, dated August 27, 1998, Regarding a Stock
Repurchase Program of the Corporation.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CIT GROUP, INC.
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(Registrant)
By: /s/ JOSEPH M. LEONE
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Joseph M. Leone
Executive Vice President and
Chief Financial Officer
Dated: August 27, 1998
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CIT GROUP, INC.
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(Registrant)
By:
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Joseph M. Leone
Executive Vice President and
Chief Financial Officer
Dated: August 27, 1998
<PAGE>
Exhibit 99.1
[The CIT Group, Inc. Logo]
Contact: Jeffrey Simon
Senior Vice President
Investor Relations
(973) 535-5911
FROM: THE CIT GROUP, INC.
1211 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
FOR IMMEDIATE RELEASE
THE CIT GROUP ANNOUNCES STOCK REPURCHASE PROGRAM
NEW YORK, NEW YORK, AUGUST 27, 1998 -- THE CIT GROUP, INC. (NYSE:CIT) today
announced that its Board of Directors has authorized the repurchase of up to 2
million shares of the Company's common stock to provide for the Company's
employee stock option plan which begins to vest in November, 1998. The stock
repurchase program is authorized to take place over the next 12 months from time
to time in the open market or in privately negotiated transactions.
"This stock repurchase program gives us an effective tool to fund our employee
stock option plan," said Albert R. Gamper, Jr., President and CEO of CIT. "We
also believe that the timing of this program enables us to take advantage of the
stock being undervalued particularly in relation to the prospects for our future
performance."
The CIT Group, Inc. one of the nation's largest commercial and consumer lending
organizations, is an affiliate of and majority-owned by The Dai-Ichi Kangyo
Bank, Limited, one of the largest banks in the world.
