Kevin Kabat Announces Retirement
The Fifth Third Bancorp board of directors today announced that Greg D.
Carmichael, current president and chief operating officer, will become
president and chief executive officer effective November 1, 2015.
Carmichael was also elected to the board, effective immediately.
Carmichael will succeed Kevin T. Kabat, who has informed the board of
his intention to retire. Kabat has served as CEO since April, 2007, and
he will remain executive vice chairman of the board until his retirement
in April 2016. His career included 33 years of combined service at Fifth
Third and a predecessor.
Board chair James P. Hackett said that the succession provides
continuity of leadership and leverages the extensive experience of
Carmichael in leading all operating units of the Bank. Hackett said,
“Greg is the ideal choice, and the Bank is well-positioned for future
growth, with a diverse and dynamic consumer business, an expanding
wealth management business, and a strong commercial business with
expanding scale and scope.”
Hackett also said, “We thank Kevin for all he has done for the Fifth
Third organization during his tenure, particularly in navigating the
financial crisis. During Kevin’s tenure as CEO, Fifth Third has
established strong forward momentum with a strong balance sheet, solid
credit quality, and excellent growth prospects.”
“Greg will be a terrific CEO,” said Kabat. “As the president and chief
operating officer, he has demonstrated an unwavering focus on our
customers, employees, communities, and shareholders. Greg will continue
to bring his passion to leading the Fifth Third organization during an
era of continued change in how we deliver value to all of our
constituents.”
“I am honored to lead such a great company that is well positioned for
growth, with dedicated employees who are committed to meeting our
customers’ needs every day,” said Carmichael. “I look forward to leading
the Fifth Third team at a time of great opportunity, as we address
shifting customer preferences and deliver new solutions that meet the
needs of our customers.”
Carmichael joined Fifth Third in 2003, leading Information Technology.
He became chief operating officer in 2006, and by 2009 his
responsibilities had expanded to include leading the Retail Bank,
Investment Advisors, Business Banking, and all affiliate banks and
markets. Carmichael was named president in 2012, when the national
Commercial line of business was added to his role.
Prior to joining Fifth Third, Carmichael served as chief information
officer for Emerson Electric and in leadership roles in information
technology at General Electric for more than a decade.
Kabat will transition leadership responsibilities over the coming
months. In addition to his service on the Fifth Third board, he will
continue to serve on the board of UNUM, as well as the board of
NISource, a board appointment that was just announced.
Fifth Third Bancorp (NASDAQ: FITB) is a diversified financial services
company headquartered in Cincinnati, Ohio. As of March 31, 2015, the
Company had $140 billion in assets and operated 15 affiliates with 1,303
full-service Banking Centers, including 101 Bank Mart® locations, most
open seven days a week, inside select grocery stores and 2,637 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%
interest in Vantiv Holding, LLC. Fifth Third is among the largest money
managers in the Midwest and, as of March 31, 2015, had $308 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."
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,” “anticipates,” “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 from
time to time 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.
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) general economic conditions and
weakening in the economy, specifically the real estate market, either
nationally or in the states in which Fifth Third, one or more acquired
entities and/or the combined company do business, are less favorable
than expected; (2) deteriorating credit quality; (3) political
developments, wars or other hostilities may disrupt or increase
volatility in securities markets or other economic conditions; (4)
changes in the interest rate environment reduce interest margins; (5)
prepayment speeds, loan origination and sale volumes, charge-offs and
loan loss provisions; (6) Fifth Third’s ability to maintain required
capital levels and adequate sources of funding and liquidity; (7)
maintaining capital requirements and adequate sources of funding and
liquidity may limit Fifth Third’s operations and potential growth; (8)
changes and trends in capital markets; (9) problems encountered by
larger or similar financial institutions may adversely affect the
banking industry and/or Fifth Third; (10) competitive pressures among
depository institutions increase significantly; (11) effects of critical
accounting policies and judgments; (12) changes in accounting policies
or procedures as may be required by the Financial Accounting Standards
Board (FASB) or other regulatory agencies; (13) legislative or
regulatory changes or actions, or significant litigation, adversely
affect Fifth Third, one or more acquired entities and/or the combined
company or the businesses in which Fifth Third, one or more acquired
entities and/or the combined company are engaged, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act; (14) ability
to maintain favorable ratings from rating agencies; (15) fluctuation of
Fifth Third’s stock price; (16) ability to attract and retain key
personnel; (17) ability to receive dividends from its subsidiaries; (18)
potentially dilutive effect of future acquisitions on current
shareholders’ ownership of Fifth Third; (19) effects of accounting or
financial results of one or more acquired entities; (20) difficulties
from Fifth Third’s investment in, relationship with, and nature of the
operations of Vantiv, LLC; (21) loss of income from any sale or
potential sale of businesses that could have an adverse effect on Fifth
Third’s earnings and future growth; (22) difficulties in separating the
operations of any branches or other assets divested; (23) inability to
achieve expected benefits from branch consolidations and planned sales
within desired timeframes, if at all; (24) ability to secure
confidential information and deliver products and services through the
use of computer systems and telecommunications networks; and (25) the
impact of reputational risk created by these 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.
Fifth Third Bancorp
Jim Eglseder (Investors), 513-534-8424
Larry Magnesen (Media), 513-534-8055