Fifth Third President Tim Spence to succeed Carmichael as CEO

Fifth Third Bancorp said President Tim Spence will become chief executive officer on July 5, when Greg Carmichael steps down to become executive chairman.

Photographer: Luke Sharrett/Bloomberg

Spence, 43, joined Fifth Third in 2015 as chief strategy officer, the Cincinnati-based company said in a statement Tuesday. Before becoming president in 2020, he was head of the consumer bank, payments and strategy. In that role, he was responsible for retail banking, mortgage, auto and specialty lending, as well as digital, marketing and fintech partnerships.

“Tim has brought resilience throughout the pandemic that has been instrumental in propelling Fifth Third to the forefront of customer-centric, digital-first banking,” Marsha Williams, the company’s lead independent director, said in the statement.

Fifth Third’s growth strategy has included a push to expand in the Southeast, where it has about a quarter of its branches. Carmichael, 60, said last year that the bank plans to add 25 outlets a year in the region for the next five years.

–By Steve Dickson (Bloomberg Mercury)