Jeffrey M. Peek will become the CIT Group's president and chief operating officer, as well as a member of the Board of Directors, effective Sept. 3, 2003.

Formerly vice chairman of Credit Suisse First Boston Corporation, Peek has held a number of executive positions at Merrill Lynch & Co. and currently serves on the Board of Directors of Travelers Property Casualty Corporation.

Peek will report to CIT Chairman and Chief Executive Officer Albert Gamper, Jr. and oversee company operations with credit and all business units reporting to him. In addition to Peek, several corporate staff departments, including financial, legal, human resources, audit, marketing and facilities will continue to report directly to Gamper.

In addition to Peek's appointment, CIT Group is implementing a reorganization of the company's senior management structure to create a five-person Office of the Chairman with responsibility for overall strategic direction and policy. The reorganization also will be effective Sept. 3.

In addition to Gamper and Peek, the Office of the Chairman will include: Joseph Leone, who will become vice chairman and chief financial officer, reporting to Gamper; Lawrence Marsiello, who will become vice chairman and chief credit officer; and Thomas Hallman, who will become vice chairman, Specialty Finance. Marsiello and Hallman will report to Peek.

CIT Group Inc., founded in 1908, is a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services.