– USA, OH – Fifth Third Bancorp (NASDAQ: FITB) today announced the appointment of Tim Spence as CEO effective July 5, to succeed Greg Carmichael who will retire as CEO but will become Executive Chairman.
About Tim Spence
Tim Spence joined Fifth Third in 2015 as chief strategy officer. Prior to being named president in 2020, he was head of consumer bank, payments and strategy. In that role, he was responsible for Fifth Third’s retail banking, mortgage, auto and specialty lending and payments business lines, as well as key strategic growth capabilities such as digital, marketing, strategy and fintech partnerships. Prior to joining Fifth Third, Spence was a senior partner in the financial services practice at Oliver Wyman, a global strategy and risk management consulting firm.
Tim Spence long has been heralded for his innovative vision and has helped the Bank significantly advance its digital transformation. In 2018, American Banker recognized him as Digital Banker of the Year, an award shared with top forward-thinking leaders from the nation’s largest and most dynamic financial institutions.
Tim Spence believes deeply in the nobility of the banking profession and its ability to be a catalyst for positive change in the communities Fifth Third serves, especially in the Midwest and Southeast. He demonstrates this through his service to various higher education and economic development organizations in Ohio and beyond. Originally from the Pacific Northwest, Spence and his family make their home in Cincinnati.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Dec. 31, 2021, the Company had $211 billion in assets and operates 1,117 full-service Banking Centers, and 2,322 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 54,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Dec. 31, 2021, had $554 billion in assets under care, of which it managed $65 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses.
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