To Be Effective with Annual Shareholder meeting April 19, 2016; Williams Currently Serves as Lead Director
Fifth Third Bancorp (Nasdaq: FITB) today announced that its Board of
Directors has elected Marsha C. Williams as the non-executive chair of
the Board effective immediately following its Annual Meeting of
Shareholders on April 19, subject to her reelection to the Board.
Williams, who has served on the Board since 2008, has served as the
Company’s lead director since April 2014.
Williams succeeds James P. Hackett, who has served as the Company’s
non-executive chairman since April 2014 and on the Board since 2001.
Hackett on March 10, 2016, announced his resignation from the Board in
order to become the chairman of Ford Smart Mobility LLC, a subsidiary of
Ford Motor Company formed to accelerate the company’s plans to design,
build, grow and invest in emerging mobility services. He was named to
the post March 10, 2016.
“We are excited to further expand Marsha’s role on the Board. She has
served with us for eight years, including two as lead director. Her 42
years of experience in finance and in executive roles in diverse
industries have proved invaluable to the Bank, and this succession is a
logical one,” said Greg D. Carmichael, president and chief executive
officer of Fifth Third Bancorp.
Williams’ background includes serving as chief financial officer for
Orbitz Worldwide Inc., now part of Expedia, and as chief financial
officer for Equity Office Properties Trust, the nation’s largest
operator of office properties prior to its acquisition by Blackstone.
Prior to joining Equity Office, Williams was chief administrative
officer for Crate & Barrel. Williams also has fifteen years of
experience as a commercial banker.
Williams also currently serves as the lead independent director of
Modine Manufacturing Company and as a supervisory director of Chicago
Bridge & Iron Company, N.V. She also serves as a director of the Davis
Funds. She received her MBA in Finance and Accounting from the
University of Chicago and bachelor’s degree in Economics from Wellesley
College.
Williams commented, “I am honored to step into this expanded role and
look forward to working closely with the Board and the Bank’s leadership
team as we execute our key business strategies. The Bank’s positive
momentum is encouraging and I am pleased by the orderly transition in
the CEO role from Kevin Kabat to Greg Carmichael over the last eight
months. The Bank is well-positioned for future success.”
In July 2015, it was announced that Kabat would retire as CEO effective
Nov. 1, 2015 and that he would not stand for reelection to the Board at
the Company’s annual shareholder meeting on April 19, 2016. It was also
shared that Carmichael, then president and chief operating officer,
would succeed him.
Carmichael noted, “At the annual shareholder meeting, we will have the
opportunity to publicly thank our retiring directors for their
contributions. We are prepared to maximize our opportunities because of
their consistent leadership and support of our vision.”
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $141 billion in
assets and operates 1,254 full-service Banking Centers, including 95
Bank Mart® locations, most open seven days a week, inside
select grocery stores and 2,593 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 an 18.3% interest in Vantiv
Holding, LLC. Fifth Third is among the largest money managers in the
Midwest and, as of December 31, 2015, had $297 billion in assets under
care, of which it managed $26 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.
Copyright © 2016. Fifth Third Bank, Member FDIC, Equal Housing Lender,
All Rights Reserved.
Fifth Third Bancorp
Larry Magnesen, 513-534-8055
Larry.Magnesen@53.com
or
Sameer Gokhale (Investors), 513-534-2219
Sameer.Gokhale@53.com