Fifth Third Bancorp (Nasdaq: FITB) today announced changes to
certain senior leadership roles in order to position the Company
for continued success in executing its key strategic priorities.
The following changes are effective immediately:
Frank Forrest, who has served as executive vice president and
chief risk officer since 2014, moves into a new role as special
advisor for risk and regulatory matters until December 31, 2020, at
which time he will retire from the company. In this role he will
continue reporting to Greg Carmichael, Fifth Third chairman,
president and CEO.
Jamie Leonard, who has worked at the Company for more than 20
years, succeeds Forrest as chief risk officer. Leonard most
recently served as executive vice president and treasurer for the
past six years. During his tenure as treasurer, he managed capital,
liquidity and interest rate risk. Leonard also served on the
corporate credit committee. In this role he will report to
Carmichael.
“Frank has successfully led our risk management transformation
and conversion to a national charter, and we look forward to his
continued counsel and contributions as we move through 2020,” said
Carmichael. “At the same time, Jamie’s depth of knowledge about our
Company, our financials, our risk appetite and our strategic
priorities, makes him a great fit for this role. His leadership
over the past six years as treasurer to deliver strong results with
a focus on through-the-cycle outperformance, as well as his
leadership throughout the MB Financial integration, highlights the
confidence we have in his capabilities in his new role.”
Bryan Preston, formerly chief financial officer for Fifth
Third’s consumer and payments businesses, has been promoted to
treasurer, succeeding Leonard. Preston served as assistant
treasurer from 2015-2017, and has more than two decades of
experience in the financial services and capital markets
industries. He will report to Tayfun Tuzun, executive vice
president and chief financial officer.
Fifth Third also announced that Lars Anderson, formerly chief
operating officer and head of commercial banking, has been
appointed vice chairman of commercial banking strategic growth
initiatives. In this new role, Anderson will focus full-time on
developing and implementing strategies, including niche non-bank
acquisitions, to further the growth of this business. He will
continue reporting to Carmichael.
Kevin Lavender, who has served as executive vice president and
head of corporate banking, will expand his responsibilities to lead
commercial banking, overseeing Fifth Third’s large corporate
commercial verticals, capital markets, specialty lending and
treasury management businesses. He will report to Carmichael.
“In this new role, Lars will focus his considerable talent and
energy on expansion efforts – what we can do to support our new
markets and where we should look to continue our growth. Kevin has
expertly led our growth into specialty markets through vertical
integration, and we believe his experience and insights will prove
invaluable as he assumes this broader role,” Carmichael said. “We
look forward to the contributions all of these leaders will make in
their new roles as we fully leverage the outstanding talent of our
organization.”
About Fifth Third
Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of December 31, 2019, Fifth Third had $169 billion
in assets and operated 1,149 full-service banking centers and 2,481
ATMs with Fifth Third branding in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. In total, Fifth Third provides its customers with
access to approximately 53,000 fee-free ATMs across the United
States. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending and Wealth & Asset
Management. Fifth Third is among the largest money managers in the
Midwest and, as of December 31, 2019, had $413 billion in assets
under care, of which it managed $49 billion for individuals,
corporations and not-for-profit organizations through its Trust and
Registered Investment Advisory 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.” Fifth Third Bank was established in 1858. Deposit
and Credit products are offered by Fifth Third Bank, National
Association. Member FDIC.
FORWARD LOOKING STATEMENTS
This release contains statements that we believe are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Rule 175 promulgated
thereunder, and Section 21E of the Securities Exchange Act of 1934,
as amended, and Rule 3b-6 promulgated thereunder. These statements
relate to our financial condition, results of operations, plans,
objectives, future performance or business. They usually can be
identified by the use of forward-looking language such as “will
likely result,” “may,” “are expected to,” “is anticipated,”
“potential,” “estimate,” “forecast,” “projected,” “intends to,” or
may include other similar words or phrases such as “believes,”
“plans,” “trend,” “objective,” “continue,” “remain,” or similar
expressions, or future or conditional verbs such as “will,”
“would,” “should,” “could,” “might,” “can,” or similar verbs. You
should not place undue reliance on these statements, as they are
subject to risks and uncertainties, including but not limited to
the risk factors set forth in our most recent Annual Report on Form
10-K as updated by our Quarterly Reports on Form 10-Q. When
considering these forward-looking statements, you should keep in
mind these risks and uncertainties, as well as any cautionary
statements we may make. Moreover, you should treat these statements
as speaking only as of the date they are made and based only on
information then actually known to us. We undertake no obligation
to release revisions to these forward-looking statements or reflect
events or circumstances after the date of this document.
There are a number of important factors that could cause future
results to differ materially from historical performance and these
forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) deteriorating
credit quality; (2) loan concentration by location or industry of
borrowers or collateral; (3) problems encountered by other
financial institutions; (4) inadequate sources of funding or
liquidity; (5) unfavorable actions of rating agencies; (6)
inability to maintain or grow deposits; (7) limitations on the
ability to receive dividends from subsidiaries; (8) cyber-security
risks; (9) Fifth Third’s ability to secure confidential information
and deliver products and services through the use of computer
systems and telecommunications networks; (10) failures by
third-party service providers; (11) inability to manage strategic
initiatives and/or organizational changes; (12) inability to
implement technology system enhancements; (13) failure of internal
controls and other risk management systems; (14) losses related to
fraud, theft or violence; (15) inability to attract and retain
skilled personnel; (16) adverse impacts of government regulation;
(17) governmental or regulatory changes or other actions; (18)
failures to meet applicable capital requirements; (19) regulatory
objections to Fifth Third’s capital plan; (20) regulation of Fifth
Third’s derivatives activities; (21) deposit insurance premiums;
(22) assessments for the orderly liquidation fund; (23) replacement
of LIBOR; (24) weakness in the national or local economies; (25)
global political and economic uncertainty or negative actions; (26)
changes in interest rates; (27) changes and trends in capital
markets; (28) fluctuation of Fifth Third’s stock price; (29)
volatility in mortgage banking revenue; (30) litigation,
investigations, and enforcement proceedings by governmental
authorities; (31) breaches of contractual covenants,
representations and warranties; (32) competition and changes in the
financial services industry; (33) changing retail distribution
strategies, customer preferences and behavior; (34) risks relating
to Fifth Third’s ability to realize anticipated benefits of the
merger with MB Financial, Inc.; (35) difficulties in identifying,
acquiring or integrating suitable strategic partnerships,
investments or acquisitions; (36) potential dilution from future
acquisitions; (37) loss of income and/or difficulties encountered
in the sale and separation of businesses, investments or other
assets; (38) results of investments or acquired entities; (39)
changes in accounting standards or interpretation or declines in
the value of Fifth Third’s goodwill or other intangible assets;
(40) inaccuracies or other failures from the use of models; (41)
effects of critical accounting policies and judgments or the use of
inaccurate estimates; (42) weather-related events or other natural
disasters; and (43) the impact of reputational risk created by
these or other developments on such matters as business generation
and retention, funding and liquidity.
You should refer to our periodic and current reports filed with
the Securities and Exchange Commission, or “SEC,” for further
information on other factors, which could cause actual results to
be significantly different from those expressed or implied by these
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200130005770/en/
Gary Rhodes (Media Relations) Gary. Rhodes@53.com |
513-534-4225
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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