Business Digest

CIT Group chooses new CEO

CIT Group has chosen former Merrill Lynch CEO John Thain to lead the company as chairman and CEO. CIT Group, one of the nation's largest lenders to small and midsized businesses, said Thain would take the helm immediately. The 54-year-old replaces interim CEO Peter Tobin, who will remain on CIT's board. Tobin had stepped in while CIT searched for a permanent replacement for Jeffrey Peek, who retired as chairman and CEO on Jan. 15.

Nokia to lay off 285 people

Nokia Corp. said Monday it will lay off 285 people in Finland, as it strives to cut costs and streamline operations. In November, Nokia cut 550 jobs in Japan, Denmark and Finland at research and development units that employ 17,000 workers.

Hasbro Inc. has strong 4th quarter

Hasbro Inc., the nation's second- biggest toy maker, said Monday that sales of action figures and other toys helped push its fourth-quarter profit higher. Hasbro said its profit surged 77 percent to $165.6 million, or $1.09 per share, in the quarter ended Dec. 27. It reported earnings of $93.6 million, or 62 cents per share, for the fourth quarter a year ago. Sales climbed 12 percent to $1.38 billion from $1.23 billion.

CVS says profit up 11 percent

CVS Caremark Corp. said Monday its profit rose 11 percent in the fourth quarter as results improved for its pharmacy benefits management business. The Woonsocket, R.I., company said it earned $1.05 billion, or 74 cents per share. That's up from $949 million, or 65 cents per share. Excluding one-time costs, CVS earned 79 cents per share. Revenue grew 7 percent to $25.82 billion from $24.14 billion.