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CIT Group

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  5. Chapter 11 Bankruptcy
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CIT Group Executive Votek Joining Annaly as Chief Administrative Officer

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 inv...

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