Market Overview

Board of Directors Appoints CEO Kabat to Vice Chair; COO Carmichael Promoted to Bancorp President

Fifth Third Bancorp's (Nasdaq: FITB) Board of Directors today announced that it has given Kevin T. Kabat the additional title of vice chairman, effective immediately. Kabat will continue to serve as chief executive officer, a position he has held since 2007, and as a board member.

“The Board is pleased that Kevin will add the additional title of vice chairman, given his outstanding leadership and performance during the most challenging time in our industry's history,” said William Isaac, chairman of the Fifth Third Bancorp Board of Directors. “The Board has the utmost confidence in Kevin and in his ability to lead our Company now and in the future and this new title reflects that confidence.”

Isaac added that the structure of the Board of Directors will remain the same, with a non-executive chairman and an independent lead director.

Also today Kevin Kabat announced that the Board of Directors has promoted Greg Carmichael to president and COO, effective immediately.

Carmichael has served as chief operating officer since 2006. In 2008 he assumed responsibility for Fifth Third Mortgage Company, Consumer Finance and Dealer Finance and in 2009 his responsibilities were expanded to include the Retail Bank, Investment Advisors, Business Banking and all affiliates and markets. With his promotion to president, Carmichael will now have additional responsibility for the National Commercial Line of Business.

Posted-In: News Management

 

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