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Why CIT Group (CIT) Stock Is Up in After-Hours Trading Today

NEW YORK (TheStreet) -- Shares of CIT Group (CIT - Get Report) were gaining 1.7% to $40.55 after-hours Wednesday after the credit services company announced a reshuffling of its senior management, including the retirement of CEO John Thain.

Thain will retire from the role of CEO on March 31, 2016, and will continue to serve as the chairman of the company's board of directors. Board member Ellen R. Alemany will join the company's management team as Vice Chairman on November 1, and will take over as CEO after Thain retires.

CIT Group also announced that Corporate Controller Carol Hayes will become CFO on November 1. Hayes will replace CFO Scott Parker, whose departure was announced on Monday.

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Separately, CIT Group announced a series of strategic initiatives designed to advance is transition to a U.S. Commercial Bank, including the sale of its CIT Canada and CIT China businesses, and the exploration of alternatives for its $10 billion Commercial Air business.

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