It’s hard to believe the CIT Group appointed John Thain as their CEO. Then again, they’re emerging from bankruptcy after screwing the last set of investors so the Board of Directors has proven their inability to direct. This is big problem with boards. They assume someone who has held a CEO post before must have the necessary skills to do it again regardless the prior outcomes. I think it’s more a cover-your-ass mentality. Thain’s only contribution at Merrill Lynch was a million dollar office redecoration as the company spiraled into near bankruptcy. Just the skill his new company needs.
We can’t get the change at the top
‘Cause the board is all from the same crop.
They fear the unknown
So stick with their own.
It’s more like a cozy wife swap.