Official reports have confirmed that John Thain has been appointed as the Chief Executive of the CIT Group, the troubled financial firm of the middle-market, which recently managed to emerge from bankruptcy in December, and is mainly under the control of its creditors.

For 54 year old Mr. Thain, this position has come as an opportunity to rehabilitate his career after a year of heading Merrill Lynch as the Chief Executive, which resulted in a hasty and last minute sale of a company which was 94 year old to the Bank of America, followed by his own dismissal, which happened shortly afterwards.

"I’m excited about this. This is an opportunity to be part of a company that is key to the US economic recovery and the creation of jobs", said Mt. Thain.

It has been shared that Mr. Thain will be earnings about $500,000, in addition to receiving 180,000 shares of restricted stocks of the company, priced at $5.5 Million based on the current trading value.