8-KLeadership ChangesOther EventsExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Executive Changes (Apr 7, 2017)

Filed April 7, 2017For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

This Form 8-K filing from Fifth Third Bancorp, dated April 7, 2017, primarily announces a significant change in its consumer banking leadership. Chad Borton, the executive vice president and head of the consumer bank, is departing the company to take on a new role at USAA Federal Savings Bank. His last day at Fifth Third is scheduled for May 1, 2017. In response to this departure, Fifth Third Bancorp has appointed Philip R. McHugh to lead its consumer bank. McHugh currently holds the position of leading the company's wealth and asset management business. This leadership transition within a key business segment is the central focus of this report and may have implications for the strategic direction and operational execution of Fifth Third's consumer banking division.

Key Highlights

  • 1Chad Borton, EVP and Head of Consumer Bank, is leaving Fifth Third Bancorp.
  • 2Borton's last day with Fifth Third will be May 1, 2017.
  • 3Borton is moving to USAA Federal Savings Bank to serve as its president.
  • 4Philip R. McHugh has been appointed to lead Fifth Third's consumer bank.
  • 5McHugh currently heads Fifth Third's wealth and asset management line of business.
  • 6The filing includes a press release dated April 7, 2017, as an exhibit.
  • 7The report contains standard forward-looking statements with associated risk factors.

Frequently Asked Questions

Chad Borton is leaving Fifth Third Bancorp to accept a new position as president of USAA Federal Savings Bank.

Philip R. McHugh has been appointed to lead Fifth Third's consumer bank. He previously led the company's wealth and asset management business.

Chad Borton's last day at Fifth Third Bancorp is May 1, 2017. The announcement of Philip R. McHugh's appointment was made on April 7, 2017.

The filing also includes a standard 'Forward-Looking Statements' section detailing potential risks and uncertainties, and an exhibit which is a press release dated April 7, 2017.