8-KLeadership ChangesOther EventsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Executive Changes (Sep 8, 2015)

Filed September 8, 2015For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

This Form 8-K filing by Fifth Third Bancorp (FITB) on September 8, 2015, primarily reports on a key executive transition. Dan Poston, Executive Vice President and Chief Strategy and Administrative Officer, is departing Fifth Third to join Vantiv, Inc., a significant customer of the bank, as Executive Vice President of Strategic Client Relations. This move is notable as Mr. Poston will be responsible for managing Vantiv's relationship with Fifth Third. In conjunction with this departure, Fifth Third has appointed Timothy Spence as its new Executive Vice President and Chief Strategy Officer. Mr. Spence brings extensive experience from Oliver Wyman, where he specialized in retail and business banking strategy and performance improvement. His responsibilities will encompass all aspects of strategic planning, including mergers and acquisitions, positioning him to drive the bank's future strategic initiatives.

Key Highlights

  • 1Executive Transition: Dan Poston, EVP and Chief Strategy and Administrative Officer, is leaving Fifth Third to join Vantiv, Inc.
  • 2Poston's New Role at Vantiv: He will manage Vantiv's strategic client relations, including its relationship with Fifth Third.
  • 3Appointment of New Chief Strategy Officer: Timothy Spence has been named EVP and Chief Strategy Officer, effective September 11, 2015.
  • 4Spence's Background: He joins from Oliver Wyman, an international management consulting firm, with expertise in banking strategy and performance improvement.
  • 5Spence's Responsibilities: He will oversee all strategic planning, including mergers and acquisitions for Fifth Third.
  • 6Forward-Looking Statements Disclaimer: The report includes standard forward-looking statements with a disclaimer about risks and uncertainties.
  • 7Press Release Filed as Exhibit: A press release dated September 8, 2015, detailing these events, is filed as Exhibit 99.1.

Frequently Asked Questions

Dan Poston is leaving Fifth Third Bancorp to join Vantiv, Inc. as its Executive Vice President of Strategic Client Relations. In his new role, he will manage Vantiv's relationship with Fifth Third, among other duties.

Timothy Spence has been appointed as the new Executive Vice President and Chief Strategy Officer of Fifth Third Bancorp. He is scheduled to join the company on September 11, 2015.

Timothy Spence comes to Fifth Third from Oliver Wyman, where he was a senior partner in the Retail and Business Banking practice. He has extensive experience advising financial institutions on strategy, innovation, and performance improvement, with a background in wholesale banking, wealth management, and payments.

The new Chief Strategy Officer, Timothy Spence, will oversee all aspects of strategic planning for Fifth Third Bancorp, including mergers and acquisitions.