CIT Group CFO Parker to Join Springleaf

CIT Group Inc. Chief Financial Officer Scott T. Parker will leave the commercial lender in November to become CFO of consumer-focused lender Springleaf Holdings Inc.

Mr. Parker joined CIT as financial chief in 2010 after serving as chief operating officer and CFO of a Cerberus Capital Management LP affiliate.

Springleaf said Chief Financial Officer Minchung (Macrina) Kgil will remain CFO of the company's subsidiaries.

Fortress Investment Group LLC has posted huge gains on its 2010 investment in Springleaf, which held its initial public in 2013. Springleaf shares closed at $46.01 Monday, compared with a $17 IPO price.

In March, Springleaf agreed to buy Citigroup Inc.'s OneMain Financial unit for about $4.25 billion.

Springleaf said in August that it swung to a second-quarter net loss, although core earnings rose 14%.

CIT said in July that its second-quarter profit fell amid a competitive environment for middle-market lending.

CIT Chairman and Chief Executive said Monday that Mr. Parker "has played a central role in the financial restructuring of CIT," leading efforts to reduce and refinance high-cost debt.

Write to Josh Beckerman at [e-mail]

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(END) Dow Jones Newswires

October 19, 2015 17:45 ET (21:45 GMT)

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