STEVE INSKEEP, host: NPR's business news starts with a well-traveled CEO.</s>STEVE INSKEEP, host: Veteran Wall Street executive John Thain has been appointed chief executive of the commercial lender CIT. Thain was ousted from his post as CEO of Merrill Lynch soon after Merrill's controversial merger with Bank of America. Before that, he was president of Goldman Sachs and the president of the New York Stock Exchange.</s>STEVE INSKEEP, host: Thain now takes the helm of a giant company that specializes in lending to small- and medium-size businesses. CIT nearly collapsed during the financial crisis, and only recently emerged from bankruptcy.
CIT Group has chosen former Merrill Lynch CEO John Thain to lead the company as chairman and CEO as the commercial lender continues to restructure its business following a brief stay in bankruptcy protection last year. Thain served as chairman and CEO of Merrill Lynch until its sale to Bank of America was completed in January 2009.