Dive Brief:
- Fifth Third President Tim Spence will take over as CEO on July 5, replacing Greg Carmichael, who is retiring, the bank said Tuesday.
- Carmichael, who has headed the $211 billion-asset bank since 2015, will become executive chairman of Fifth Third’s board of directors and provide advice and counsel to Spence after stepping down, the bank said in a press release. Carmichael joined Fifth Third in 2003 as executive vice president and chief information officer before advancing to chief operating officer in 2006 and president in 2012.
- "The Board and I are confident the time is right to transition the role of CEO, given Fifth Third’s strong financial health and performance, and Tim is well-prepared to succeed in this role," Carmichael said in a statement.
Dive Insight:
Spence’s appointment to the top role at the bank was expected. Spence joined the Fifth Third in 2015 as chief strategy officer and was named president in 2020, a promotion that sparked speculation he was being groomed to succeed Carmichael one day.
While at Fifth Third, Spence has served as the bank’s executive vice president and head of consumer banking, payments and strategy.
In that role, Spence headed Fifth Third’s retail banking, mortgage, auto and specialty lending and payments business lines, as well as digital, marketing, strategy and fintech partnerships, the bank said.
Before joining the Cincinnati-based lender, Spence was a senior partner in the financial services practice at global strategy and risk management consulting firm Oliver Wyman.
"I look forward to supporting Tim and the entire team as they continue to lead our industry and Fifth Third through exceptional products, innovation, dedication and service," Carmichael said.
Marsha Williams, lead independent director of Fifth Third’s board, said Spence has been an integral part of the bank’s leadership team since 2015.
"Tim has brought resilience throughout the pandemic that has been instrumental in propelling Fifth Third to the forefront of customer-centric, digital-first banking, enabling our employees to serve the Bank’s customers during their time of greatest need," she said in a statement.
The bank’s leadership change comes amid a push to expand in the Southeast, home to one-quarter of Fifth Third's branches, Bloomberg reported.
Carmichael said last year the bank plans to add 25 branches per year in the region over the next five years, according to the wire service.
"I am honored to serve as Fifth Third’s next CEO and humbled to follow in the footsteps of an incredible leader like Greg," Spence said in a statement. "Fifth Third is a great company because of our people, because we serve strong communities, and because we believe to the core that our customers’ needs, their opportunities and their well-being are our chief concern. We will continue our track record of delivering on our commitments, our focus on investing for the future and our culture of accountability, collaboration and community leadership."
