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Next month, CIT Rail Resources will welcome a new president. Yesterday, CIT Group Inc. announced it appointed George Cashman president of its freight-car and locomotive leasing subsidiary, effective Aug. 1.

Most recently CIT Rail Resources’ executive vice president and chief sales officer, Cashman will succeed Steve McClure, who will join CIT Group Vice Chairman for Commercial Finance Rick Wolfert’s executive staff and then retire in early 2007.

“After serving CIT for nearly a third of a century, I want to thank Steve for his significant contributions,” said Wolfert in a prepared statement. “Under his leadership, CIT Rail Resources has grown from a fleet of a few thousand rail cars to more than 85,000 owned and managed freight and tank cars, and [550] locomotives.”

In 2000, Cashman joined CIT Rail Resources as senior vice president. He previously served Westinghouse Financial Services as EVP.