By Andrew R. Johnson
Longtime CIT Group Inc. (CIT) executive Glenn Votek has left the
business lender and is joining Annaly Capital Management Inc.
(NLY), a real-estate investment trust, to become chief
administrative officer.
Mr. Votek, who had been with CIT since 1999, will report to
Annaly President Kevin Keyes, the company said Monday. It didn't
state when Mr. Votek is assuming the new position, though a CIT
spokesman said the executive retired from the business lender last
week.
At CIT, which makes loans and provides other forms of financing
to small and midsized businesses, Mr. Votek oversaw the company's
capital markets, securitization, hedging, cash management,
rating-agency relations and other functions.
The company has been on a turnaround path since emerging from
Chapter 11 bankruptcy in late 2009. Wall Street veteran John Thain,
who took over CIT as chairman and CEO in early 2010, has slashed
the lender's debt load, reassembled its executive team and purged
noncore assets in hopes of regaining investment-grade credit
ratings and winning new business relationships.
Scott Parker, chief financial officer of CIT, is serving as
interim treasurer and has assumed Mr. Votek's related
responsibilities, the company spokesman said.
Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com
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