Summary
This 8-K filing from Fifth Third Bancorp (FITB) on December 26, 2006, announces a significant change in its Board of Directors. Effective December 19, 2006, Gary R. Heminger was elected as a new director. This appointment increases the size of the Board to fifteen members and fills a vacancy. Mr. Heminger brings executive experience as an Executive Vice President at Marathon Oil Corporation, and his expected appointment to the Audit Committee suggests a focus on financial oversight and governance.
Key Highlights
- 1Gary R. Heminger elected as a new director to the Board of Directors on December 19, 2006.
- 2The size of the Board of Directors was increased to fifteen members.
- 3Mr. Heminger's appointment fills a vacancy created by the increase in board size.
- 4Mr. Heminger is an Executive Vice President of Marathon Oil Corporation.
- 5Mr. Heminger is expected to be appointed to the Registrant's Audit Committee.
- 6Director compensation will be consistent with existing non-employee director arrangements.
Frequently Asked Questions
Gary R. Heminger is an Executive Vice President at Marathon Oil Corporation. His election to the board brings external executive experience to Fifth Third Bancorp.
The Board of Directors was increased to fifteen members to accommodate the appointment of the new director, Gary R. Heminger, filling a vacancy.
Mr. Heminger is expected to be appointed to the Registrant's Audit Committee, indicating a focus on financial reporting and internal controls.
Mr. Heminger's compensation will be in line with that of the other non-employee directors, as detailed in Fifth Third Bancorp's previous proxy statement and annual report.