Fifth Third Announces Leadership Changes

Rhea-AI Summary

Fifth Third Bancorp (Nasdaq: FITB) announced executive leadership changes effective January 2, 2024. Tim Spence appointed chairman of the board, succeeding Nick Akins, who will become lead independent director. Jamie Leonard to become chief operating officer, and Bryan Preston to replace Leonard as chief financial officer. Brennen Willingham will succeed Preston as treasurer.

CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (Nasdaq: FITB) today announced the following executive leadership changes that will take effect January 2, 2024.

The Board of Directors voted to appoint Tim Spence chairman of the board. Spence succeeds Nick Akins, who has been elected lead independent director. Spence’s responsibilities will include chairman, chief executive officer and president, Fifth Third Bancorp.

“The appointment recognizes Tim’s leadership and the Board’s confidence in his ability to guide our organization,” Akins said. “He has a thoughtful vision for the future of our company.”

Jamie Leonard, currently chief financial officer, will become chief operating officer (COO) with oversight of the Bank’s largest customer-facing employee groups. His responsibilities in this new role include overseeing retail banking, consumer lending, operations, business controls, strategy and marketing. Leonard’s breadth of experience during his nearly 25 years at Fifth Third include serving as chief financial officer, chief risk officer and in various finance leadership roles.

Bryan Preston, currently Fifth Third’s treasurer, will replace Leonard as chief financial officer. Preston has extensive experience in finance leadership in treasury, accounting and financial planning throughout his nearly two decades at Fifth Third.

Brennen Willingham, currently managing director of capital, liquidity and corporate development, will succeed Preston as treasurer. Since joining Fifth Third in 2007, Willingham has held various positions within the Treasury group, including leading the Bancorp’s capital and liquidity management functions and corporate development.

“These changes are designed to best position Fifth Third for the future,” said Spence. “I’m thrilled to elevate Jamie to the newly created position of chief operating officer. His leadership, combined with a streamlined reporting structure, gives us the opportunity to continue delivering on our priorities of stability, profitability and growth. I’m also excited to elevate Bryan and Brennen. Their appointments demonstrate the deep bench of talent across our organization.”

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies^® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ^® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231219497202/en/

Jennifer Hendricks Sullivan (Media Relations)

Jennifer.Hendricks.Sullivan@53.com | 614-744-7693

Matt Curoe (Investor Relations)

Matt.Curoe@53.com | 513-534-2345

Source: Fifth Third Bancorp

Who is the new chairman of the board at Fifth Third Bancorp?

Tim Spence has been appointed as the new chairman of the board at Fifth Third Bancorp.

Who is the new lead independent director at Fifth Third Bancorp?

Nick Akins will become the new lead independent director at Fifth Third Bancorp.

Who will become the new chief operating officer at Fifth Third Bancorp?

Jamie Leonard will take on the role of chief operating officer at Fifth Third Bancorp.

Who will replace Jamie Leonard as chief financial officer at Fifth Third Bancorp?

Bryan Preston will replace Jamie Leonard as the chief financial officer at Fifth Third Bancorp.

Who will succeed Bryan Preston as treasurer at Fifth Third Bancorp?

Brennen Willingham will succeed Bryan Preston as the treasurer at Fifth Third Bancorp.