“We thank Kevin for all he has done for the Fifth Third organization during his tenure, particularly in navigating the financial crisis. During Kevin’s tenure as CEO, Fifth Third has established strong forward momentum with a strong balance sheet, solid credit quality, and excellent growth prospects,” Fifth Third Board Chair James Hackett said in a written statement.
Also Wednesday, Fifth Third’s board of directors announced that Greg Carmichael, 53, current president and chief operating officer, will become president and chief executive officer effective November 1 this year. Carmichael was also elected to the board, effective immediately.
The succession provides continuity of leadership and leverages the experience of Carmichael in leading all operating units of the bank, Hackett said.
Carmichael joined Fifth Third in 2003, leading information technology. He became chief operating officer in 2006, and by 2009 his responsibilities had expanded to include leading the retail bank, investment advisors, business banking, and all affiliate banks and markets. Carmichael was named president in 2012, when the national commercial line of business was added to his role, according to the company.
Kabat will transition leadership responsibilities over the coming months. In addition to his service on the Fifth Third board, he will continue to serve on the board of UNUM, as well as the board of NISource, a board appointment that was just announced.
Fifth Third Bancorp's assets totaled $140 billion as of the end of March and it and operates 1,303 full-service bank branches across 12 states. It is Ohio's largest bank by deposits of more than $39.8 billion, according to the Federal Deposit Insurance Corp., which also lists Fifth Third as the 15th largest bank in the U.S.
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