By Angela Chen
Fifth Third Bancorp named Chief Operating Officer Greg
Carmichael as chief executive effective Nov. 1, succeeding Kevin
Kabat who plans to retire.
Mr. Kabat, who has served as chief executive since April 2007,
will remain executive vice chairman until his retirement next
April.
Mr. Carmichael, who was also elected to the board, joined Fifth
Third in 2003 in the information technology sector and then became
chief operating officer in 2006. He was named president in
2012.
As of March 31, the Cincinnati-based regional lender had $140
billion in assets and operated 15 affiliates with 1,303
full-service banking centers.
In June, Fifth Third said it plans to consolidate or sell about
100 of its branches and about 30 other properties, a move that
comes as mobile and electronic banking grow in popularity.
Since the financial crisis, U.S. banks have been ramping up
mobile and online services and moving away from physical locations
to avoid overlap, and branch numbers have been on a steady decline
as a result.
Shares of Fifth Third, inactive premarket, have increased about
2% this year through Tuesday's close.
Write to Angela Chen at angela.chen@dowjones.com
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