Struggling lender CIT Group made headlines when it announced a little more than a month ago that it would extend the contract of CEO Jeffrey Peek until September 2, 2010. Today, the company, a commercial lender that gives funding to around 1 million small and medium-sized businesses, announced that Peek will resign from his post as chief executive at the end of the year.
The news comes two weeks after the company announced a massive restructuring plan that will most likely involve either a pre-packaged bankruptcy or an enormous debt swap effort in order to get the lender back on its feet …read more

Citigroup Inc.’s Chief Executive Officer Vikram Pandit is not worried about the future, according to his recent statements concerning his bank’s plans. Pandit stated that he has “little doubt” that his company would quickly return to profitability once the economy starts to show definite signs of recovery.
 
Pandit also spoke of his plans to repay back the Federal Reserve for the bailout money his company received, stating that it would do so in compliance with regulators when it is in a better spot. Due to the government’s increased interest in the country’s financial institutions, Pandit has been trying to get the …read more

Former Qwest CEO Joseph Nacchio faced the wrong side of the law when he was convicted of insider trading and sentenced to six years in prison. However, Nacchio may soon find his sentence reduced due to his recent victory in a federal appeals court, in which the convicted executive successfully argued that there was a miscalculation.
 
In the ruling, the Denver-based appeals court found that the trial judge miscalculated Nacchio’s earnings from the illegal sales of his stock, which may have extended Nacchio’s sentence by several years. While the trial judge found Nacchio’s earnings to top $44.6 million, Nacchio argued that …read more

When one door closes, another one opens! You are the captain of your ship. You are not at the mercy of other people. Even when someone makes a decision about you, your present or your future, you are still not without choice. You get to choose how you will respond to the decisions others make and I am a firm believer that when others make decisions about you, you get to choose your next move. You can remain in a bad situation and blame the people and circumstances or you can choose out of the bad situation and create a …read more

Just two years ago, former Porsche CEO Wendlin Wiedeking savored the idea of finally owning Volkswagen, a move that Porsche had long wanted to make, and laid out a plan for the acquisition of its rival. However, a variety of unfortunate situations have led to complete reversal, as Porsche’s board has decided to get rid of Wiedeking in order to smooth its merger with Volkswagen, not its acquisition.
Wiedeking’s fate is especially ironic because the German executive predicted that the auto industry would face trouble and his solution for the problem was to acquire Volkswagen, the very idea that ended up …read more

Continental Airlines has suffered along with the rest of the airline industry throughout the economic recession, with soft demand and unpredictable fuel prices severely cutting into airlines’ revenues and forcing them to cut costs. Perhaps the company will fare better when company president Jeff Smisek replaces Larry Kellner as CEO and Chairman.
 
Kellner plans to move onto Emerald Creek Group LLC, a Houston private-investment firm that Kellner will lead. This marks the end of five years as the leader of Continental, the fourth-largest airline in the United States. The transfer of power will take place at the beginning of next year.
 
Smisek …read more

Although he just left Yahoo Inc. a year ago in the middle of a messy battle between the company and an investor, Jeff Weiner has now signed on to become the new CEO of LinkedIn, a social networking website for professionals. Weiner joined LinkedIn in January as its interim president and has received the support of other LinkedIn executives.
Yahoo and Weiner parted ways when the company decided to get rid of some of its executives due to its proxy war with investor Carl Icahn. Microsoft offered to acquire Yahoo last year, but when Yahoo completely refused to entertain the offer, …read more

In the world of youth fashion, a new leader has emerged: Gary H. Schoenfeld, former Vans chief executive, will replace Sally Frame Kasaks, the current president and chief executive of Pacific Sunwear, at the end of this month. This marks the end of a three-year stint for Kasaks as a prominent player in Pacific Sunwear.
 
Kasaks became the CEO for Pacific Sunwear in 2006 and the chairman of the board of directors in 2007. She will be replaced by Peter Starrett as the chairman, but she will remain a member of the board of directors.
 
Her replacement, Gary H. Schoenfeld, most recently …read more

Not long after first joining the Huffington Post in 2007, CEO Betsy Morgan has decided to leave her position and the company as a whole. While no specific reason for her departure has been released, it has been stated that Morgan will be replaced in a few days by Eric Hippeau of Softbank Capital.
 
The Huffington Post is a website featuring news and blogs that was founded by Arianna Huffington and Kenneth Lerer in 2005. Today, the website features about 9 million unique visitors a month and it has been referred to as the most powerful blog in the world by …read more

According to a story by the Wall Street Journal yesterday, Proctor & Gamble Co would be announcing the replacement of A.G. Lafley, the current chief executive, by Chief Operating Officer Robert McDonald. P&G, in return, released a statement debunking the Wall Street Journal’s claim, stating that they would not announce a new CEO today, as had been reported.
 
Proctor and Gamble has been hit especially hard by the recession and is struggling to perform under the weight of the sagging economy. Still, P&G has kept its lips tightly shut about any new CEO, reminding the media that P&G will not comment …read more