Exhibit 99.1
Contact: Michael J. McGowan
Senior Vice President
Communications Services
(973) 535-3506
[email protected]
FROM: THE CIT GROUP, INC.
650 CIT DRIVE
LIVINGSTON, NJ 07039
FOR IMMEDIATE RELEASE
CIT VICE CHAIRMAN TO RETIRE
LIVINGSTON, NJ, June 6, 2000 --- The CIT Group, Inc. (NYSE:CIT; TSE:CIT.U)
today announced that its Vice Chairman and Chief Risk Officer, Joseph A.
Pollicino, 60, will retire on June 30, 2000. Mr. Pollicino has served as a
Director of CIT since 1986, and as Vice Chairman of the Board and Chief Risk
Officer since 1989.
"Joe's imprint has been felt throughout our organization and, in
particular, he has made a significant contribution to CIT's reputation as a
"best in class" credit culture," said Albert R. Gamper, Jr., President, Chairman
and CEO of CIT. "Joe also served as a mentor to many of the outstanding members
of our management team and we are grateful for all of his tireless efforts, his
commitment to excellence and his sage advice during a long and very successful
career."
Thomas L. Abbate, 54, a 30-year CIT credit veteran, will take on the
responsibility of directing CIT's Risk Management organization as Executive Vice
President - Risk Management. Mr. Abbate joined CIT in 1970 and has held numerous
credit risk management positions, including nine years of service as Executive
Vice President/Chief Credit Officer of CIT's Equipment Financing unit. Mr.
Abbate has served on CIT's Executive Credit Committee since 1987.
Mr. Pollicino joined Manufacturers Hanover Corporation in 1957 and later
was named Vice President in the Metropolitan Banking Division. In 1979 he joined
Manufacturers Hanover Commercial Corporation and was named President of the
former CIT Factoring and Commercial Finance Group in 1984 when Manufacturers
Hanover acquired CIT. In 1985, he was named President of The CIT Group/Business
Credit, an operating unit of CIT.
He has been the recipient of many distinguished awards including the
American Jewish Congress Leadership Award, the Brandeis University Distinguished
Service Award, the Catholic Big Brothers Man of the Year Award and the Junior
Achievement Above and Beyond Service Award. He and his wife, Margaret, reside in
Manhasset, New York.
