Summary
Fifth Third Bancorp (FITB) filed an 8-K on February 16, 2024, to report on compensation adjustments for its Chief Financial Officer (CFO) and Chief Operational Officer (COO). These changes, approved by the Human Capital and Compensation Committee on February 14, 2024, are effective retroactively to February 12, 2024. The adjustments indicate a strategic focus on retaining and incentivizing key executive talent within the company. Investors should note that these compensation increases are intended to align with the company's performance objectives and market competitiveness.
Key Highlights
- 1Compensation adjustments for Executive Vice President and Chief Financial Officer, Bryan D. Preston, and Executive Vice President and Chief Operational Officer, Jamie C. Leonard.
- 2Mr. Preston's base salary increased to $625,000 annually.
- 3Mr. Preston's target annual variable compensation increased to 100% of base salary for the 2024 performance period.
- 4Mr. Preston's Long Term Incentive Compensation target increased to $1,250,000.
- 5Mr. Leonard's base salary increased to $725,000 annually.
- 6Mr. Leonard's target annual variable compensation increased to 125% of base salary for the 2024 performance period.
- 7Mr. Leonard's Long Term Incentive Compensation target increased to $2,500,000.
Frequently Asked Questions
The adjustments were made by the Human Capital and Compensation Committee to increase the base salary, target annual variable compensation, and Long Term Incentive Compensation for both the CFO and COO. These decisions are typically made to retain key talent, incentivize performance, and ensure compensation is competitive within the industry.
Effective February 12, 2024, Mr. Preston's base salary increased to $625,000. His target annual variable compensation for 2024 is now 100% of his base salary, and his Long Term Incentive Compensation target is $1,250,000.
Effective February 12, 2024, Mr. Leonard's base salary increased to $725,000. His target annual variable compensation for 2024 is now 125% of his base salary, and his Long Term Incentive Compensation target is $2,500,000.
Yes, the compensation adjustments were approved on February 14, 2024, and are effective retroactively starting February 12, 2024, for base salary and for the entire 2024 performance period for variable and long-term incentives.