8-KLeadership ChangesMaterial AgreementsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Material Agreement (Nov 12, 2008)

Filed November 12, 2008For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) filed an 8-K report on November 12, 2008, announcing a key executive appointment. The most significant development is the hiring of Ross J. Kari as the new Executive Vice President and Chief Financial Officer, effective November 17, 2008. Mr. Kari brings substantial experience, having previously served as CFO for Safeco Corporation and COO/CFO for Federal Home Loan Bank of San Francisco. This appointment is critical given the challenging economic environment of late 2008. Investors will be keen to understand the compensation package offered to Mr. Kari, which includes a base salary of $580,008, a $100,000 signing bonus, and significant equity grants in the form of stock appreciation rights and restricted stock, designed to vest over four years. Mr. Kari is also eligible for various incentive and benefit plans, indicating the company's commitment to attracting and retaining top talent in leadership positions.

Key Highlights

  • 1Fifth Third Bancorp appoints Ross J. Kari as new Executive Vice President and Chief Financial Officer.
  • 2Mr. Kari's effective start date is November 17, 2008.
  • 3Mr. Kari brings prior experience as CFO of Safeco Corporation and COO/CFO of Federal Home Loan Bank of San Francisco.
  • 4The CFO compensation package includes an annual salary of $580,008.
  • 5A signing bonus of $100,000 is part of the executive's remuneration.
  • 6Mr. Kari will receive a substantial equity grant: 40,000 stock appreciation rights and 20,000 restricted shares vesting over four years.
  • 7The new CFO is eligible for the company's Incentive Compensation Plan and Variable Compensation Plan.

Frequently Asked Questions

The new Chief Financial Officer of Fifth Third Bancorp is Ross J. Kari. He will also hold the title of Executive Vice President.

Ross J. Kari has significant financial leadership experience, previously serving as Executive Vice President and Chief Financial Officer at Safeco Corporation. Before that, he was the Chief Operating Officer and Chief Financial Officer for the Federal Home Loan Bank of San Francisco.

Mr. Kari will receive an annual salary of $580,008, a signing bonus of $100,000, and an equity grant upon starting, which includes 40,000 stock appreciation rights and 20,000 shares of restricted stock that will vest after four years. He is also eligible for other incentive and benefit plans.

Mr. Kari is set to assume his new role at Fifth Third Bancorp on November 17, 2008.