Fifth Third Bancorp Elects Marsha C. Williams Non-Executive Chair of the Board
April 11 2016 - 9:00AM
Business Wire
To Be Effective with Annual Shareholder meeting
April 19, 2016; Williams Currently Serves as Lead Director
Fifth Third Bancorp (Nasdaq: FITB) today announced that its
Board of Directors has elected Marsha C. Williams as the
non-executive chair of the Board effective immediately following
its Annual Meeting of Shareholders on April 19, subject to her
reelection to the Board. Williams, who has served on the Board
since 2008, has served as the Company’s lead director since April
2014.
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Fifth Third Bancorp Elects Marsha C.
Williams Non-Executive Chair of the Board (Photo: Business
Wire)
Williams succeeds James P. Hackett, who has served as the
Company’s non-executive chairman since April 2014 and on the Board
since 2001. Hackett on March 10, 2016, announced his resignation
from the Board in order to become the chairman of Ford Smart
Mobility LLC, a subsidiary of Ford Motor Company formed to
accelerate the company’s plans to design, build, grow and invest in
emerging mobility services. He was named to the post March 10,
2016.
“We are excited to further expand Marsha’s role on the Board.
She has served with us for eight years, including two as lead
director. Her 42 years of experience in finance and in executive
roles in diverse industries have proved invaluable to the Bank, and
this succession is a logical one,” said Greg D. Carmichael,
president and chief executive officer of Fifth Third Bancorp.
Williams’ background includes serving as chief financial officer
for Orbitz Worldwide Inc., now part of Expedia, and as chief
financial officer for Equity Office Properties Trust, the nation’s
largest operator of office properties prior to its acquisition by
Blackstone. Prior to joining Equity Office, Williams was chief
administrative officer for Crate & Barrel. Williams also has
fifteen years of experience as a commercial banker.
Williams also currently serves as the lead independent director
of Modine Manufacturing Company and as a supervisory director of
Chicago Bridge & Iron Company, N.V. She also serves as a
director of the Davis Funds. She received her MBA in Finance and
Accounting from the University of Chicago and bachelor’s degree in
Economics from Wellesley College.
Williams commented, “I am honored to step into this expanded
role and look forward to working closely with the Board and the
Bank’s leadership team as we execute our key business strategies.
The Bank’s positive momentum is encouraging and I am pleased by the
orderly transition in the CEO role from Kevin Kabat to Greg
Carmichael over the last eight months. The Bank is well-positioned
for future success.”
In July 2015, it was announced that Kabat would retire as CEO
effective Nov. 1, 2015 and that he would not stand for reelection
to the Board at the Company’s annual shareholder meeting on April
19, 2016. It was also shared that Carmichael, then president and
chief operating officer, would succeed him.
Carmichael noted, “At the annual shareholder meeting, we will
have the opportunity to publicly thank our retiring directors for
their contributions. We are prepared to maximize our opportunities
because of their consistent leadership and support of our
vision.”
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $141 billion in
assets and operates 1,254 full-service Banking Centers, including
95 Bank Mart® locations, most open seven days a week, inside select
grocery stores and 2,593 ATMs in Ohio, Kentucky, Indiana, Michigan,
Illinois, Florida, Tennessee, West Virginia, Pennsylvania,
Missouri, Georgia and North Carolina. Fifth Third operates four
main businesses: Commercial Banking, Branch Banking, Consumer
Lending, and Investment Advisors. Fifth Third also has an 18.3%
interest in Vantiv Holding, LLC. Fifth Third is among the largest
money managers in the Midwest and, as of December 31, 2015, had
$297 billion in assets under care, of which it managed $26 billion
for individuals, corporations and not-for-profit organizations.
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.” Fifth Third Bank was
established in 1858. Member FDIC.
Copyright © 2016. Fifth Third Bank, Member
FDIC, Equal Housing Lender, All Rights Reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20160411005730/en/
Fifth Third BancorpLarry Magnesen,
513-534-8055Larry.Magnesen@53.comorSameer Gokhale (Investors),
513-534-2219Sameer.Gokhale@53.com
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