By Maria Armental
Regional lender Fifth Third Bancorp (FITB) hired Comerica Inc.'s
Lars C. Anderson as its new chief operating officer after current
COO was promoted to chief executive.
Mr. Anderson, who has more than 30 years of experience in the
banking industry, most recently was vice chairman for Dallas-based
Comerica. He is slated to begin work on Aug. 3, succeeding Greg D.
Carmichael, who is to take the CEO post on Nov. 1.
Current CEO Kevin T. Kabat, who has held the position since
2007, is retiring in April. He will remain on as executive vice
chairman.
Mr. Anderson's base salary has been set at $675,001.60 a year
and he will receive a $3 million signing bonus, according to a
regulatory filing.
Last month, the Cincinnati-based regional lender said it planned
to consolidate or sell about 100 of its branches and about 30 other
properties in a move to save about $60 million a year.
Banks have been closing branches to cut costs and boost
profit.
Write to Maria Armental at maria.armental@wsj.com
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