Philip R. McHugh Named Consumer Bank Head; Succeeds Chad Borton
April 07 2017 - 3:00PM
Business Wire
Fifth Third Bancorp (Nasdaq: FITB) announced today that Philip
R. McHugh, executive vice president and head of Fifth Third Wealth
and Asset Management, has been named to lead its Consumer Bank,
comprised of Retail Banking, Mortgage, Auto Lending, Business
Banking, Collections and Credit Centers. He will report to Greg
Carmichael, president and chief executive officer.
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Fifth Third Bancorp announced today that
Philip R. McHugh has been named to lead its Consumer Bank,
comprised of Retail Banking, Mortgage, Auto Lending, Business
Banking, Collections and Credit Centers. (Photo: Business Wire)
McHugh replaces Chad Borton, who is leaving Fifth Third to
become president of USAA Federal Savings Bank. Prior to Borton’s
extensive banking career, he served as an active-duty U.S. Army
officer. The USAA family of companies provides financial services
to current and former members of the U.S. military and their
families.
“I am confident that Phil McHugh will ably lead our Consumer
Bank. Our deep bench of talented executives ensured that we had a
strong successor to maintain our positive momentum,” said
Carmichael. “While we are sorry to see Chad go, his new role at
USAA fulfills a dream of leading an organization dedicated to
serving the needs of military personnel, veterans and their
families.”
McHugh has been with Fifth Third since 1986. Prior to assuming
leadership of the Bank’s Wealth and Asset Management division,
McHugh served as president of Fifth Third’s Louisville region and
in a variety of commercial and trust roles.
“I am excited to take on this new role,” said McHugh. “I have a
passion for serving our retail customers and coordinating efforts
with our other lines of business to offer a comprehensive array of
solutions.”
With this change, Ralph (Mike) Michael, executive vice president
and regional president now will head Fifth Third’s Wealth and Asset
Management division, in addition to regional responsibilities. He
will continue to report to Chief Operating Officer Lars
Anderson.
Michael joined Fifth Third in 2010 as president of Fifth Third
Bank (Cincinnati) and subsequently assumed responsibility for the
regional presidents who manage geographic markets across the Bank’s
footprint. Over the course of his career, Michael has held a number
of leadership positions in the insurance and banking
industries.
Carmichael commented, “Mike has the right background to lead our
Wealth and Asset Management business. We are pleased that he will
leverage his considerable operational strengths in a business that
is increasingly important to us.”
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of December 31, 2016, the
Company had $142 billion in assets and operates 1,191 full-service
Banking Centers, and 2,495 ATMs in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. Fifth Third operates four main businesses:
Commercial Banking, Branch Banking, Consumer Lending and Wealth
& Asset Management. Fifth Third also has a 17.9% interest in
Vantiv Holding, LLC. Fifth Third is among the largest money
managers in the Midwest and, as of December 31, 2016, had $315
billion in assets under care, of which it managed $31 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Brokerage businesses. Investor information and press
releases can be viewed at www.53.com. Fifth Third’s common stock is
traded on the NASDAQ® Global Select Market under the symbol
“FITB.”
Copyright © 2017. Fifth Third Bank, Member FDIC, Equal Housing
Lender, All Rights Reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20170407005632/en/
Fifth Third BancorpSameer Gokhale (Investors),
513-534-2219orLarry Magnesen (Media), 513-534-8055
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