The CIT Group appoints Sharon Spector president and CEO of its Credit Finance Unit

Business Wire, Jan 14, 1997

LIVINGSTON, N.J.--(BUSINESS WIRE)--Jan. 14, 1997--Albert R. Gamper, Jr., president and CEO of The CIT Group has announced today that Sharon Spector, 51, has been named president and CEO of The CIT Group/Credit Finance, reporting to Joseph A. Pollicino, CIT vice chairman.

She will also serve on CIT's Senior Management Committee. Spector had been most recently senior executive vice president of CIT's Commercial Services unit. She replaces Drew Neidorf who resigned.

"Sharon's appointment follows her long-standing and exemplary pattern of achievement at CIT," said Gamper. "We are especially confident in her ability to continue to drive Credit Finance to record results," he added.

Two other Credit Finance appointments were also announced: Peter Provenzale, 48, senior vice president and marketing manager for the Northeast Region of CIT's Commercial Services unit has been named executive vice president - marketing for Credit Finance and Stuart Nectow, 43, senior vice president and assistant credit administrator with Credit Finance has been promoted to executive vice president - credit.

Sharon Spector joined Manufacturers Hanover Commercial Corp., a CIT predecessor company, in 1974 as a credit analyst. After a series of increasingly responsible positions within The CIT Group/Commercial Services, the factoring arm of CIT and the largest factoring company in the nation, she was promoted in 1990 to senior credit officer. In 1994, she was named senior executive vice president of the Commercial Services unit with responsibilities including client and customer credit, general management and training and development. She is a graduate of American University and a resident of New York City.

Peter Provenzale also joined Manufacturers Hanover Commercial Corp. in 1979. He is a graduate of St. Francis College of Brooklyn and resides with his family in Monmouth Junction, N.J.

Stuart Nectow joined The CIT Group/Credit Finance in 1991 upon its acquisition from First Fidelity. He joined First Fidelity in 1977. He received his bachelor's degree from Franklin & Marshall College and his MBA from the University of Rochester. He and his family reside in Rye, N.Y.

The CIT Group/Credit Finance is one of eight operating units of The CIT Group. CIT is an $18 billion commercial and consumer lending organization owned 80 percent by Dai-Ichi Kangyo Bank Ltd. of Tokyo and 20 percent by Chase Manhattan Corp.

CONTACT: Communications Services

Michael J. McGowan, 201/535-3506