CIT Group Inc yesterday announced that, at its meeting on August 14, 2002, its Board of Directors instituted a number of corporate governance initiatives, including:
Electing Albert R. Gamper, Jr., CIT's Chief Executive Officer and President, to serve as the Chairman of the Company's Board of Directors. With the exception of Mr. Gamper, CIT's Board is comprised entirely of independent directors.
Establishing a Lead Director position, and appointing Peter J. Tobin to serve in such capacity. Mr. Tobin is Dean of the Peter J. Tobin College of Business at St. John's University and was formerly Chief Financial Officer of The Chase Manhattan Corporation.
Adopting Corporate Governance Principles which address, among other governance matters, director qualification and performance standards, and the duties and responsibilities of the Board.
