$3 billion CIT Group, a provider of financing to small businesses and middle market companies, has elected John Thain to serve as chairman and CEO. He replaces Peter Tobin, who has been acting as interim CEO, and who will remain a director for the company.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...