8-KLeadership Changes

FIFTH THIRD BANCORP 8-K Report, Executive Changes (Jun 16, 2020)

Filed June 16, 2020For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

This 8-K filing by Fifth Third Bancorp (FITB) on June 16, 2020, primarily reports on changes within its Board of Directors. Jerry W. Burris has resigned from the Board due to scheduling conflicts arising from increased responsibilities at his other role as CEO of Midwest Can Company. Importantly, his resignation is not a reflection of any disagreements with Fifth Third Bancorp's operations or policies. The filing also announces the appointment of Mitchell S. Feiger to the Board. Mr. Feiger, formerly CEO of MB Financial before its acquisition by Fifth Third and subsequently Chairman and CEO of Fifth Third Bank (Chicago), retired from employment on May 31, 2020. His appointment is in line with previous disclosures and he will be subject to the standard compensation for non-employee directors.

Key Highlights

  • 1Jerry W. Burris resigned as a director of Fifth Third Bancorp, effective June 15, 2020.
  • 2Mr. Burris' resignation is attributed to scheduling conflicts with his CEO role at Midwest Can Company.
  • 3The resignation was not due to any disputes or disagreements with Fifth Third Bancorp.
  • 4Mitchell S. Feiger was appointed to the Board of Directors on June 15, 2020.
  • 5Mr. Feiger's appointment follows his retirement from employment with the company on May 31, 2020.
  • 6Mr. Feiger has prior executive experience with MB Financial and Fifth Third Bank (Chicago).
  • 7Mr. Feiger will receive standard compensation for non-employee directors.

Frequently Asked Questions

Jerry W. Burris resigned due to scheduling conflicts that have arisen with Board meeting dates, stemming from his expanding responsibilities as the Chief Executive Officer of Midwest Can Company.

No, the filing explicitly states that Mr. Burris' resignation was not the result of any dispute or disagreement with Fifth Third Bancorp on any matter relating to its operations, policies, or practices.

Mitchell S. Feiger is a former executive who led MB Financial prior to its acquisition by Fifth Third Bancorp and subsequently served as Chairman and CEO of Fifth Third Bank (Chicago). He was appointed to the Board following his retirement from employment with the company, as previously indicated in the company's proxy statement.

No, Mr. Feiger will not be appointed to any committees at this time.