8-KLeadership ChangesRegulation FDExhibits & Filings

FIFTH THIRD BANCORP 8-K Report, Executive Changes (Apr 12, 2022)

Filed April 12, 2022For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced a significant leadership transition via an 8-K filing on April 12, 2022. Effective July 5, 2022, current CEO Greg D. Carmichael will retire from his CEO role and transition to Executive Chairman of the Board. This move is part of a planned succession process. Taking over the CEO position will be Timothy N. Spence, who currently holds the role of President. Mr. Spence's extensive experience within Fifth Third, particularly in leadership roles across consumer banking, payments, and strategy, positions him to lead the company. The transition signifies continuity in leadership, with Mr. Carmichael remaining involved in a strategic board capacity. Investors should note this as a key development in the company's executive leadership structure.

Key Highlights

  • 1Greg D. Carmichael is retiring as CEO of Fifth Third Bancorp, effective July 5, 2022.
  • 2Mr. Carmichael will transition to the role of Executive Chairman of the Board of Directors.
  • 3Timothy N. Spence will succeed Mr. Carmichael as the new Chief Executive Officer, effective July 5, 2022.
  • 4Mr. Spence currently serves as President of Fifth Third Bancorp.
  • 5The CEO transition is a result of the Board of Directors' succession planning process.
  • 6Mr. Spence has significant experience within the company, having held various executive roles since 2015.
  • 7The filing includes a press release (Exhibit 99.1) detailing this leadership change.

Frequently Asked Questions

This 8-K filing announces a significant change in Fifth Third Bancorp's executive leadership. Specifically, it details the retirement of the current CEO, Greg D. Carmichael, and the appointment of Timothy N. Spence as the new CEO.

Upon his retirement as CEO on July 5, 2022, Greg D. Carmichael will assume the position of Executive Chairman of the Board of Directors for both Fifth Third Bancorp and Fifth Third Bank, National Association. This indicates continued involvement in a strategic capacity.

Timothy N. Spence will become the new CEO. He currently serves as the President of Fifth Third Bancorp and has held various senior executive positions within the company since 2015, including Head of Consumer Bank and Chief Strategy Officer. He also has prior experience as a senior partner at Oliver Wyman.

The filing states that the appointment of Timothy N. Spence as CEO is pursuant to the Board of Directors' succession planning process, indicating it is a planned and orderly transition rather than a sudden departure.