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CIT Rail Appoints Ken Pierson Senior Vice President and General Manager, Locomotives
Monday, June 2, 2014 08:30 AM
He brings a wealth of experience to this position, including building and managing large locomotive sales, service and distribution channels, which will play an important role as we continue to build our business.

NEW YORK and CHICAGO – CIT Group Inc. (NYSE: CIT) cit.com, today announced that CIT Rail, a full service lessor and owner of one of the youngest, most diversified fleets of rail assets in North America and Europe, today appointed Ken Pierson as Senior Vice President and General Manager, Locomotives. He will be responsible for managing the sales, mechanical and operations functions of CIT Rail’s locomotive business. Pierson will report directly to George Cashman, President of CIT Rail.

“Ken is a very strong business leader with solid business development skills and in-depth product knowledge,” said Mr. Cashman. “He brings a wealth of experience to this position, including building and managing large locomotive sales, service and distribution channels, which will play an important role as we continue to build our business.”

Pierson joins CIT from Wabtec MotivePower, where he served as Vice President, Global Sales and Marketing. In this role he developed and implemented locomotive/railway product growth strategies, including expansion into new domestic/international markets. In addition, Pierson was responsible for the Global Customer Service team. Prior to Wabtec, he worked for GE Transportation for 10 years, most recently as Commercial Leader, Asia-Pacific, with responsibility for locomotives, signaling, parts and service/overhauls in the region.

Pierson attended the University of Missouri, Henry W. Bloch School of Management’s Master’s program and received his Bachelor of Science in Electrical Engineering from The State University of New York at Stony Brook.

About CIT Rail
CIT Rail owns and finances approximately 120,000 railcars and 400 locomotives and serves more than 650 customers. It provides financial solutions to the bulk freight transportation marketplace and supports the North American and European transportation system by working with freight shippers, receivers and carriers to customize financial solutions for each customer’s individual needs. As a full service lessor and owner of one of the youngest, most diversified fleets of rail assets in North America and Europe, CIT Rail brings unparalleled asset management expertise and commitment to the transportation sector. citrail.com 

About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lendingfactoringretail and equipment finance, as well as aerospaceequipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com

CIT MEDIA RELATIONS:
C. Curtis Ritter
Senior Vice President of Corporate Communications
(973) 740-5390
Curt.Ritter@cit.com

Matt Klein
Vice President, Media Relations
(973) 597-2020
Matt.Klein@cit.com