8-KLeadership Changes

FIFTH THIRD BANCORP 8-K Report, Executive Changes (Mar 6, 2023)

Filed March 6, 2023For Securities:FITBFITBOFITBPFITB-PIFITB-PMFITB-PAFITBIFITB-PK

Summary

Fifth Third Bancorp (FITB) announced the retirement of its Executive Chair of the Board of Directors, Greg D. Carmichael, effective at the upcoming Annual Meeting of Shareholders on April 18, 2023. Mr. Carmichael, who has been a director since 2015 and served as Chair since February 2018, will not be renominated for re-election. This transition marks the end of his significant tenure with the company. The Board of Directors has proactively managed this leadership change by voting to decrease the size of the Board. This action ensures that Mr. Carmichael's departure will not create any vacancies, maintaining the Board's optimal structure and operational capacity. Investors should note this planned succession and the board's strategic management of its composition.

Key Highlights

  • 1Greg D. Carmichael, Executive Chair of the Board, is retiring effective April 18, 2023.
  • 2Mr. Carmichael will not be renominated for re-election at the Annual Meeting of Shareholders.
  • 3He has served as a director since 2015, Chair since February 2018, and Executive Chair since July 2022.
  • 4The Board of Directors has voted to decrease its size to avoid vacancies resulting from his retirement.
  • 5This filing reports a planned leadership transition and board composition adjustment.

Frequently Asked Questions

Greg D. Carmichael, the Executive Chair of the Board of Directors, is retiring from the Board and the Company.

His retirement will be effective at the Annual Meeting of Shareholders, scheduled for April 18, 2023.

The Board of Directors has voted to decrease its size. This action is intended to ensure that no vacancies occur due to Mr. Carmichael's retirement, maintaining the board's intended composition.

This announcement signifies a planned leadership transition at the highest level of the Board of Directors. Investors should monitor the company's subsequent filings for information regarding the new leadership structure and any potential impact on strategic direction.