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CIT Group Names Peek President

July 23, 2003

NEW YORK (AP) _ CIT Group Inc., a major commercial finance firm, named Jeffrey Peek president and chief operating officer Wednesday and said he is expected to be named the company’s next chief executive when current CEO Albert Gamper retires.

The Livingston, N.J., company said Peek, who had been a vice chairman of Credit Suisse First Boston Corp. and held executive positions at Merrill Lynch & Co, will start the new position and take a seat on CIT’s board on Sept. 3.

In a prepared statement, current CEO Albert Gamper said ``it is my expectation that Jeff will succeed me as the company’s chief executive officer.″ Gamper did not say when he expects to step down.

Gamper also announced a reorganization of CIT’s senior management structure, creating a new five-person office of the chairman to oversee strategic direction and policy for the lending company that booked almost $5.3 billion in sales last year.

Gamper said he is confident Peek will be able to lead the firm.

``He’s a proven leader with both management and operational expertise and broad financial services experience that complements the strengths of our existing business leaders,″ he said.

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