CIT Appoints Jay DesMarteau President of CIT Equipment Finance

CIT Group Inc., a leading global commercial finance company, announces the appointment of Jay DesMarteau as president of CIT equipment finance. DesMarteau has served as interim Group Head since June 2007. He is responsible for developing and growing CIT’s middle market equipment finance business and working with the equipment finance leadership team to drive sales, deal structuring, portfolio management and customer satisfaction.

“I am pleased to announce Jay’s appointment as president of CIT equipment finance,” says Walter J. Owens, president of corporate finance at CIT. “His efforts over the past six months highlight his leadership and management capabilities and will serve CIT well as we continue to grow our middle market equipment finance business. Our deep industry knowledge and financial products expertise allows us to provide a sophisticated solution that adds value to our customers’ businesses.”

CIT equipment finance is a leading provider of equipment financing solutions for middle market companies in a wide range of industries. CIT equipment finance specializes in providing equipment loans and leases for transactions ranging in size from $3 million to approximately $50 million.

DesMarteau joined CIT in 2006 as the chief sales officer of commercial finance. Prior to joining CIT, DesMarteau worked with General Electric for 15 years in a number of increasingly senior roles, most recently leading the consolidation of GE Capital Solutions which incorporated the merging of GE’s $2 billion net income equipment finance, inventory finance, and vendor finance business units. Prior to GE, he also led the sales and marketing teams for a $10 billion domestic finance business.

Source: CIT

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