16 Months Later, Former Freddie CEO Lands at CIT
Former Freddie Mac CEO David Moffett will join the board of directors at CIT Group (CIT) this week, more than 16 months after resigning from his post at the government-sponsored enterprise. Effective July 27, Moffett will also serve as a member of the audit committee at CIT, a commercial lender that provides financing to small and medium businesses. Moffett resigned his post at Freddie in March 2009, after six months on the job. At the time, he notified the board of directors there of his intention to return to the financial services sector. He returned temporarily in April 2009 as consultant to Freddie's interim CEO. Months later, in July 2010, Freddie named finance industry veteran Charles Haldeman Jr. as CEO to replace Moffett. His appointment at CIT is part of a recent move to, as chairman and CEO John Thain put it in the Q210 earnings statement today, "build-out" senior management at the firm. Moffett previously held a number of senior positions at other banking institutions such as the Carlyle Group, US Bancorp, Firstar Corporation, Bank of America (BAC) and First Financial Bank & Trust Co. Write to Christine Ricciardi. Disclosure: the author holds no relevant investments.