CIT Group announced that Kenneth McPhail has been named executive vice president and chief strategy officer, effective immediately. In this role, he will have responsibility for strategic planning and initiatives, mergers, acquisitions and divestitures that advance the company's goals. McPhail will report to Chief Financial Officer John Fawcett and serve on CIT's Executive Management Committee. McPhail succeeds Kelley Morrell who is leaving CIT to pursue another career opportunity.
 
"Ken is a seasoned leader with more than 30 years of banking experience," said Fawcett. "He brings broad industry perspective, strong leadership skills and a thoughtful approach to developing and executing strategic initiatives. He will be a key contributor in advancing CIT's strategic goals for the future."

McPhail joins CIT from MUFG Union Bank where he was the managing director and head of Corporate Strategy and Development. Prior to that role, he served as the co-head of Depository Institutions at Bank of America Merrill Lynch where he was a strategic advisor to international and regional bank holding companies. McPhail was at Citigroup as the head of Depository Institutions from 1995 to 2006 and began his career at The First Boston Corporation in 1985. He received his bachelor's degree in economics from Brown University.