CIT Group Inc. said Tuesday that  John F. Daly will retire as president of CIT Trade Finance and has named Jonathan A. Lucas as his successor.

Daly, who served as president of CIT Trade Finance since 1999, will retire on June 29. He joined CIT in 1987 and has held several senior level positions. Daly began his factoring career in 1973 with Manufacturers Hanover Commercial Corp., one of several predecessor companies to CIT.

Lucas, who has been with CIT Trade Finance for 15 years, will begin his new role on July 2. He reports to Nelson Chai, president of CIT Group. He was most recently chief sales officer of CIT Trade Finance. Before joining CIT, Lucas developed middle-market lending solutions for corporate borrowers while at Fleet Bank and Chemical Bank.

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