CIT CEO Who Lost Billions Gets to Keep Job

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Photo: Patrick McMullan

See, this is why we're not businesspeople. If we were in charge of deciding whether to fire the guy overseeing a company that lost 90 percent of its value in the past year ($1.62 billion in just the last quarter), the guy whose plan of getting out of his hole had been described by a member of the federal administration from whom it had already borrowed several billion dollars as "Their Plan A was: Seek assistance from the government. And their Plan B was: Ask again," and whose spouse incidentally but still embarrassingly wrote a story about the painful loss of her luxury lifestyle in a national magazine, we'd be like, "Right, I'm for a management change."

But apparently the solution is precisely the opposite!

CIT Group Inc., the 101-year-old commercial lender, extended the employment contract of Chief Executive Officer Jeffrey Peek for a year as the company struggles to avoid bankruptcy.


Interesting. See? Decision-making in business is just so nuanced and complex and above our intelligence level that we don't even understand it. We'll go back to watching our puppy video now.

CIT Chief's Contract Extended to 2010 [Bloomberg]