Summary
This Form 8-K filing by Fifth Third Bancorp (FITB) reports a change in board committee composition, effective September 14, 2015. Director Jorge L. Benitez has been appointed to the Risk and Compliance Committee (RCC). This appointment follows his earlier election to the Board of Directors on May 27, 2015, which increased the board size to thirteen members. Mr. Benitez's compensation for his role on the RCC will align with the compensation of other non-employee directors and RCC members, as previously disclosed in the company's proxy statement and annual report. This filing primarily serves to update the market on governance changes related to board committee appointments.
Key Highlights
- 1Appointment of Director Jorge L. Benitez to the Risk and Compliance Committee (RCC) effective September 14, 2015.
- 2Mr. Benitez was previously elected to the Board of Directors on May 27, 2015, filling a vacancy.
- 3The Board of Directors' size was increased to thirteen members with Mr. Benitez's prior election.
- 4Compensation for Mr. Benitez's role on the RCC will be consistent with other non-employee directors and RCC members.
- 5The company's proxy statement and 2014 10-K provide details on director and committee member compensation.
Frequently Asked Questions
Fifth Third Bancorp is filing this 8-K to report the appointment of a new director, Jorge L. Benitez, to its Risk and Compliance Committee (RCC).
Mr. Benitez was elected to the Board of Directors on May 27, 2015.
Mr. Benitez's compensation for serving on the RCC will be consistent with the compensation paid to other non-employee directors and RCC members, as previously disclosed in the company's filings.
This appointment reflects a change in the composition of a key board committee responsible for overseeing risk and compliance matters. Investors may see this as a move to strengthen the committee's expertise or capacity, although the filing does not provide specific reasons for the appointment.