Commercial lender CIT Group has named Kenneth McPhail as executive vice president and chief strategy officer, effective immediately.

He will be responsible for strategic planning and initiatives, mergers, acquisitions, and divestitures that advance the company’s goals.

McPhail, who comes from MUFG Union Bank, will report to Chief Financial Officer John Fawcett and serve on CIT’s executive management committee. McPhail succeeds Kelley Morrell, who is leaving CIT to pursue another career opportunity.

“Ken is a seasoned leader with more than 30 years of banking experience,” Fawcett said. “He brings broad industry perspective, strong leadership skills and a thoughtful approach to developing and executing strategic initiatives. He will be a key contributor in advancing CIT’s strategic goals for the future.”