One of the most famous faces of the financial crisis is retiring
Thain, who was CEO of Merrill Lynch when the investment bank was sold to Bank of America at the height of the financial crisis, is retiring from his CEO role at CIT Group.
Thain will retain his position until the end of March 2016, and after that, will remain with CIT Group as chairman of its board.
Ellen R. Alemany, who is a board member at CIT Group, will fill in as CEO beginning April 1, 2016.
It's part of CIT's broader succession strategy the firm announced October 21, 2016.
Thain only helmed Merrill Lynch for a couple of years and stepped down after the firm was bought by Bank of America. He also served as CEO of the New York Stock Exchange from 2004 until 2007.
He took over as CEO of CIT in 2010.
"It's been a pleasure to lead an outstanding group of employees over the past five years and oversee CIT's successful restructuring," Thain said in a statement provided by CIT.
"Their hard work and commitment were critical to our efforts to rebuild and grow CIT and has helped ensure that CIT continues to play an important role in supporting small and middle market businesses, two sectors that remain the backbone of the US economy."