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) March 24, 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 the declaration of a
dividend for the quarter ending March 31, 1998 of $.10 per share, payable on
April 20, 1998 to holders of record at the close of business on April 3, 1998,
filed as Exhibit 99.1. See also the attached press release regarding the
election of a new director, filed as Exhibit 99.2.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1 Press Release, dated March 24, 1998, Regarding
Declaration of a Dividend for the Quarter Ending
March 31, 1998.
99.2 Press Release Regarding Election of a New Director,
dated March 24, 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 /s/ JOSEPH M. LEONE
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Joseph M. Leone
Executive Vice President
and Chief Financial
Officer
Dated: March 24, 1998
<PAGE>
Exhibit 99.1
[The CIT Group, Inc. Logo]
Contact: Michael J. McGowan
Vice President
Communications Services
(973)535-3506
[email protected]
FROM: THE CIT GROUP
650 CIT DRIVE
LIVINGSTON, NJ 07039
FOR IMMEDIATE RELEASE
THE CIT GROUP, INC. DECLARES QUARTERLY DIVIDEND
LIVINGSTON, NJ (March 24, 1998) -- The Board of Directors of The CIT
Group, Inc. [NYSE:CIT] today declared a quarterly cash dividend of $.10 per
common share for shareholders of record on April 3, 1998. The cash dividend is
payable on April 20, 1998. This is the first dividend declared by the Board of
Directors of The CIT Group since the Company's initial public offering on
November 13, 1997.
With more than $22 billion in managed assets, The CIT Group, Inc.
(http://www.citgroup.com) is one of the nation's largest commercial and consumer
financing companies. Founded in 1908, the Company provides diversified financing
products and services to a broad range of customers through strategically
focused business units.
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<PAGE>
Exhibit 99.2
[The CIT Group, Inc. Logo]
Contact: Michael J. McGowan
Vice President
Communications Services
(973)535-3506
[email protected]
FROM: THE CIT GROUP
650 CIT DRIVE
LIVINGSTON, NJ 07039
FOR IMMEDIATE RELEASE
THE CIT GROUP NAMES ALAN F. WHITE TO BOARD OF DIRECTORS
LIVINGSTON, NJ (March 24, 1998) -- The CIT Group, Inc. [NYSE:CIT], today
announced the appointment of Alan F. White, Senior Associate Dean at the MIT
Sloan School of Management to its Board of Directors and Audit Committee. He
succeeds Keiji Torii, General Manager, International Planning and Coordination
Division of The Dai-Ichi Kangyo Bank Limited.
Mr. White, 60, has served as Director of Executive Education at MIT for
several years and has been responsible for programs in Asia, Europe and Latin
America. Currently, he also directs the development of a MIT management
education program in China and a business school at the Nanyang Technological
University in Singapore.
"We are very pleased to have such a distinguished business educator join
our Board of Directors," said Albert R. Gamper, Jr., President and Chief
Executive Officer, The CIT Group, Inc. "Alan's global perspective and management
experience will bring tremendous value to The CIT Group."
Mr. White serves on the Boards of SBS Technologies [NASDAQ:SBSE],
Celerity Solutions [NASDAQ:CLTY], Management Sciences for Health, The
International Consortium for Executive Development Research, The University
Consortium for Executive Education, The French American Chamber of Commerce and
the Advisory Board of the Japan Management Institute. He is also a member of the
Boston Council of the Council on Foreign Relations.
Mr. White has served as a consultant in the area of management
development and business development to numerous organizations, including
British Petroleum, Citibank, Gemini Consulting and the Young Presidents'
Organization. He has published several articles in leading journals in the field
of Management Development. Mr. White received an undergraduate degree from the
University of Miami (Ohio) and a Master's Degree in Management from MIT.
With more than $22 billion in managed assets, The CIT Group, Inc.
(http://www.citgroup.com) is one of the nation's largest commercial and consumer
financing companies. Founded in 1908, the Company provides diversified financing
products and services to a broad range of customers through strategically
focused business units.
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