CIT pays $ 85,000 in expenses for CEO's contract extension

CIT Group Inc. extended the employment contract of Chairman and Chief Executive Jeffrey Peek for a year, according to a regulatory filing. CIT said it would pay as much as $85,000 of Mr. Peek's legal and advisory bills related to negotiation of his contract renewal. We think that it is pathetic for an experienced professional to need such expensive advice for a simple contract extension, it is unbelievable that a board agrees to such a waste of corporate (and ultimately shareholder's) funds.