Fifth Third Bancorp (Nasdaq: FITB) announced today that Dan Poston, its
executive vice president and chief strategy and administrative officer,
is leaving the Bank to join Vantiv, Inc., as executive vice president,
strategic client relations. In his new role at Vantiv, of which Fifth
Third is a significant customer, Poston will manage the relationship
with the Bank, among other duties. Dan’s last day with Fifth Third Bank
will be Oct. 1.
“This is a terrific opportunity for Dan and Vantiv, and while we will
miss Dan, we are pleased that he will be working closely with Fifth
Third in his new role,” said Greg D. Carmichael, who is president of
Fifth Third Bancorp and is slated to become chief executive officer on
Nov. 1. “I’m confident that Dan will help Vantiv continue its record of
being extremely well-managed and successful, which will benefit all of
us.”
Poston joined the Bank in 2001. He served as director of internal audit,
controller and chief financial officer before assuming his current
duties.
“Among Dan’s many contributions to the Bank were the development and
successful execution of the Bank’s June 2008 capital plan and the steady
management of the Bank’s financial position through the financial
crisis,” Carmichael said. “We thank him for all he has done and wish him
well in this next phase of his career.”
With Poston’s departure, the Bancorp has named Timothy Spence as
executive vice president and chief strategy officer. He will join the
Company on Sept. 11, reporting to Carmichael. Spence will oversee all
aspects of strategic planning, including mergers and acquisitions.
Spence joins Fifth Third from Oliver Wyman, where he was a senior
partner in the Retail and Business Banking practice, providing advice on
strategy, innovation and performance improvement to executives at the
world’s largest financial institutions. His background also includes
consulting in the wholesale banking, wealth management and payments
businesses. Spence served as the firm’s Midwest Market leader.
“Having worked with Tim over a number of years on important assignments
at Fifth Third, I am confident he will make significant contributions as
we pursue our current strategic objectives and develop future
strategies,” Carmichael said. “He brings extensive expertise that is
directly relevant to all of our lines of business.”
Prior to joining Oliver Wyman in 2006, Spence held management positions
in sales and marketing, corporate development and finance at two
early-stage technology firms. He received his bachelor’s degree from
Colgate University in Economics and English Literature.
Spence has been active in the industry, serving as chairman of the
American Banker’s Marketing and Innovation Symposium. He has conducted
research and written extensively on the evolving financial services
landscape.
“I am thrilled to join the leadership team at Fifth Third,” Spence said.
“The close collaboration, strong relationships and strategic connections
I’ve built with the team through project work position me to make an
immediate contribution as a full-time internal partner, and that’s
especially exciting. I look forward to helping the Bank continue its
customer focus and fully capitalize on its growth prospects.”
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $142 billion in
assets and operates 1,299 full-service Banking Centers, including 101
Bank Mart® locations, most open seven days a week, inside select grocery
stores and 2,630 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,
Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and
North Carolina. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending, and Investment Advisors.
Fifth Third also has a 22.8 percent interest in Vantiv Holding, LLC.
Fifth Third is among the largest money managers in the Midwest and, as
of June 30, 2015, had $304 billion in assets under care, of which it
managed $27 billion for individuals, corporations and not-for-profit
organizations. 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.
Member FDIC.
Fifth Third Bancorp
Investors
Jim Eglseder, 513-534-8424
or
Media
Sean Parker, 513-534-6791