CIT Group has appointed David Harnisch as president of commercial finance to succeed Jim Hudak, who is retiring following a 20-year career with the business.
Harnisch will be responsible for CIT's corporate and leveraged financing to middle market companies, including customers in sectors covering healthcare, energy, technology, media, telecommunications, aerospace, defence, government, gaming and retail.
He will also be responsible for asset-backed and asset-based lending, factoring and real estate financing.
Harnisch, who will join the company's executive management committee, returns to CIT after previously spending nine years in sponsor finance, asset management and problem loan management.
Most recently, he was executive vice-president and head of commercial banking at Santander Bank.
Prior to joining Santander, he was executive vice-president and head of commercial banking, underwriting and portfolio management at Citizens Financial Group. He also held positions as the head of leveraged finance and head of underwriting and execution for healthcare and technology banking at RBS Citizens.
Harnisch's commercial banking and asset management career spans 27 years and began at Chase Manhattan Bank.
CIT chairwoman and chief executive officer Ellen R. Alemany said: “I want to thank Jim for his leadership throughout CIT's transformation and his work in repositioning our business toward more collateral-based lending, as well as building out our industry vertical expertise. Jim has been a great partner to me and our team.
“I also want to welcome Dave back to CIT. He is an experienced commercial finance executive who will help us build on our momentum and unlock the full potential in our business."
CIT Group is a financial holding company with more than $50 billion in assets and operates a principal bank subsidiary, CIT Bank. The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing.
