CIT Group Inc. announced that Steven T. Mnuchin has resigned from its Board of Directors, effective immediately. His resignation follows President-elect Donald J. Trump’s announced intention to nominate Mnuchin as the next Secretary of the Treasury.

“On behalf of the entire Board, I want to thank Steven for his contributions to CIT,” said Ellen R. Alemany, Chairwoman and CEO. “Steven has been a valued member of our Board, and we wish him well in this monumental role.”

Vice Admiral John Ryan, USN (Ret.), CIT Lead Director, stated, “We are extremely proud that Steven has been afforded the opportunity to serve our great nation in such a significant capacity. We are grateful for his contributions and wish him well in his position in the administration.”

Mnuchin said, “I’m honored to have the opportunity to take on this important role and I’m looking forward to helping advance the President-elect’s economic priorities. It has been a privilege to serve on the CIT Board of Directors.”

Founded in 1908, CIT s 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. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.