Fifth Third Bancorp (Nasdaq: FITB) announced today that Philip R.
McHugh, executive vice president and head of Fifth Third Wealth and
Asset Management, has been named to lead its Consumer Bank, comprised of
Retail Banking, Mortgage, Auto Lending, Business Banking, Collections
and Credit Centers. He will report to Greg Carmichael, president and
chief executive officer.
McHugh replaces Chad Borton, who is leaving Fifth Third to become
president of USAA Federal Savings Bank. Prior to Borton’s extensive
banking career, he served as an active-duty U.S. Army officer. The USAA
family of companies provides financial services to current and former
members of the U.S. military and their families.
“I am confident that Phil McHugh will ably lead our Consumer Bank. Our
deep bench of talented executives ensured that we had a strong successor
to maintain our positive momentum,” said Carmichael. “While we are sorry
to see Chad go, his new role at USAA fulfills a dream of leading an
organization dedicated to serving the needs of military personnel,
veterans and their families.”
McHugh has been with Fifth Third since 1986. Prior to assuming
leadership of the Bank’s Wealth and Asset Management division, McHugh
served as president of Fifth Third’s Louisville region and in a variety
of commercial and trust roles.
“I am excited to take on this new role,” said McHugh. “I have a passion
for serving our retail customers and coordinating efforts with our other
lines of business to offer a comprehensive array of solutions.”
With this change, Ralph (Mike) Michael, executive vice president and
regional president now will head Fifth Third’s Wealth and Asset
Management division, in addition to regional responsibilities. He will
continue to report to Chief Operating Officer Lars Anderson.
Michael joined Fifth Third in 2010 as president of Fifth Third Bank
(Cincinnati) and subsequently assumed responsibility for the regional
presidents who manage geographic markets across the Bank’s footprint.
Over the course of his career, Michael has held a number of leadership
positions in the insurance and banking industries.
Carmichael commented, “Mike has the right background to lead our Wealth
and Asset Management business. We are pleased that he will leverage his
considerable operational strengths in a business that is increasingly
important to us.”
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of December 31, 2016, the Company
had $142 billion in assets and operates 1,191 full-service Banking
Centers, and 2,495 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,
Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth
Third operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending and Wealth & Asset Management. Fifth Third also has a
17.9% interest in Vantiv Holding, LLC. Fifth Third is among the largest
money managers in the Midwest and, as of December 31, 2016, had $315
billion in assets under care, of which it managed $31 billion for
individuals, corporations and not-for-profit organizations through its
Trust and Brokerage 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.”
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All Rights Reserved.
Fifth Third Bancorp
Sameer Gokhale (Investors), 513-534-2219
or
Larry Magnesen (Media), 513-534-8055