The CIT Group Names Joseph M. Leone Chief Financial Officer; Names Thomas Hallman President and CEO of Consumer Finance Unit

Business Wire, May 16, 1995

LIVINGSTON, N.J.--(BUSINESS WIRE)--May 16, 1995--The CIT Group today announced that Joseph M. Leone, 42, has been named executive vice president and chief financial officer effective July 1, 1995, upon the retirement of current CFO, Joseph J. Carroll, 63, who has had a distinguished 27-year career with CIT.

In another announcement, Thomas Hallman, 42, was named president and chief executive officer of The CIT Group/Consumer Finance, an operating unit of The CIT Group. Hallman assumes his new responsibilities at the end of May.

Commenting on these personnel changes, Albert R. Gamper Jr., CIT president and chief executive officer, said, "Joe Leone has held a number of increasingly important positions in his nine-year tenure at CIT, and he brings to his new position a critically important level of financial and management skills. In addition, Tom Hallman's appointment reflects the culmination of a nationwide search, in which we are confident we have found the right individual to lead our Consumer Finance unit to even greater success."

Leone joined CIT in 1986 as senior vice president and controller. Most recently, he was executive vice president of The CIT Group/Sales Financing, an operating unit of CIT. Prior to joining CIT, he was with Manufacturers Hanover Corp. and Peat Marwick & Co. He holds a B.B.A. from Baruch College of the City University of New York and attended the Harvard University Advanced Management Program. He is a member of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants and the Financial Executives Institute. He, his wife and three daughters reside in Franklin Lakes, N.J.

Hallman was most recently president and director of Globe Mortgage Company's National Production Division, and previously held consumer finance and mortgage banking executive positions with Commercial Credit Corp. and Citicorp. He holds a B.S. from Towson University, Towson, MD, and an MBA from the University of Baltimore. He, his wife and child reside in Franklin Lakes, also.

The CIT Group/Consumer Finance is an operating unit of The CIT Group Inc. With 33 offices in 24 states, the CIT Group/Consumer Finance offers a full range of home equity-based second mortgage products secured by residential real estate, and purchases similar products in bulk from other lenders.

The CIT Group is a $16 billion commercial and consumer lending organization comprised of eight strategically focused operating units. The Company is 60 percent owned by Dai-Ichi Kangyo Bank Ltd., one of the world's largest banks, and 40 percent owned by Chemical Banking Corp., one of the largest bank holding companies in the United States.

CONTACT: The CIT Group

Michael J. McGowan

201/535-3506