CIT Group Inc. announced that Michael Brosnan has been named to its Board of Directors effective November 10. Additionally, John Oros has stepped down from the Board due to the demands and requirements of his position with J.C. Flowers & Co.
“We are pleased to have Michael serve on our Board of Directors,” said Ellen R. Alemany, Chairwoman and CEO. “He brings extensive knowledge and more than 30 years of experience in the financial services industry, serving both in the private sector and in supervisory roles of midsize and large national banks while with the Office of the Comptroller of the Currency. Michael’s experience will be a valued addition to our Board as we continue to execute our strategic priorities.”
“I also want to thank John for his contributions and the valuable shareholder perspective he brought to our Board over the last six months,” added Alemany.
Brosnan is the former Examiner-in-Charge for Midsize Bank Supervision in the Office of the Comptroller of the Currency (OCC). Prior to this role, Brosnan served as Senior Deputy Comptroller for Large Bank Supervision. In addition, he served as a member of the OCC’s Executive Committee and the Committee on Bank Supervision. He assumed these duties in December 2010. Previously, Brosnan served as Deputy Comptroller for Large Banks, where he was responsible for line supervision of a portfolio of large banks, ensuring that risk-based strategies and staffing were effectively aligned and executed.
Brosnan rejoined the OCC in 2008 from Bank of America, where he served as the Enterprise Operational Risk Executive. He also served as the Risk Manager for the Global Technology and Operations, Chief Administrative Office, and Supplier Risk Management organizations of the bank. Brosnan previously served as Compliance Executive for Bank of America Card Services, and he oversaw the Operational Risk Management Division of MBNA America. Before joining MBNA (which subsequently was acquired by Bank of America) in 2004, Brosnan spent 21 years with the OCC, most recently as Examiner-in-Charge for Bank of America. In 2003, he was named Senior National Bank Examiner, the highest honor and designation available to bank examiners.
Founded in 1908, CIT is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing, and advisory services principally to middle-market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector.