8-KLeadership ChangesMaterial AgreementsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Apr 21, 2006)

Filed April 21, 2006For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K on April 21, 2006, to report a material definitive agreement and the appointment of a principal officer. The most significant announcement is the selection of Christopher G. Marshall as the new Chief Financial Officer, effective in late May 2006. Mr. Marshall's compensation package includes an annual salary of $500,000, a significant equity grant valued at $700,000 upon commencement, and eligibility for various incentive and benefit plans. This appointment brings substantial experience from Bank of America, where Mr. Marshall held senior executive roles, including responsibility for consumer and small business segments, daily operations of numerous banking centers, and previous CFO positions within consumer products and technology/operations. Investors should note this leadership change as it signals a new direction or reinforcement of financial strategy under a seasoned executive from a major competitor.

Key Highlights

  • 1Fifth Third Bancorp has appointed Christopher G. Marshall as its new Chief Financial Officer.
  • 2Mr. Marshall's employment is set to commence in late May 2006.
  • 3The new CFO will receive an annual salary of $500,000.
  • 4A substantial equity grant, valued at $700,000, will be awarded to Mr. Marshall.
  • 5The equity grant will consist of stock appreciation rights and/or restricted stock, vesting over four years.
  • 6Mr. Marshall brings extensive experience from Bank of America, holding key senior executive and financial leadership roles.

Frequently Asked Questions

Christopher G. Marshall has been selected as the new Chief Financial Officer of Fifth Third Bancorp.

Mr. Marshall is expected to assume his new role at Fifth Third Bancorp in late May 2006.

The compensation package includes an annual salary of $500,000. Additionally, Mr. Marshall will receive an equity grant valued at $700,000, consisting of stock appreciation rights and/or restricted stock that will vest after four years. He is also eligible for other incentive compensation and benefit plans.

Mr. Marshall comes from Bank of America, where he held significant executive positions. His experience includes serving on the Management Operating Committee, overseeing operations for over 6,000 banking centers, and holding CFO roles for consumer products and technology/operations divisions.