Fifth Third Bancorp CEO Greg Carmichael To Retire, Tim Spence To Succeed

(RTTNews) - Fifth Third Bancorp (FITB) Tuesday said that Greg Carmichael has elected to retire as Chief Executive Officer, effective July 5. Tim Spence will succeed Carmichael as Fifth Third's CEO.

Carmichael will become executive chairman, continuing to lead the Board of Directors and provide advice and counsel to the CEO.

"I am honored to serve as Fifth Third's next CEO and humbled to follow in the footsteps of an incredible leader like Greg," said Spence. "Fifth Third is a great company because of our people, because we serve strong communities, and because we believe to the core that our customers' needs, their opportunities and their well-being are our chief concern. We will continue our track record of delivering on our commitments, our focus on investing for the future and our culture of accountability, collaboration and community leadership."

Spence joined Fifth Third in 2015 as chief strategy officer. Prior to being named president in 2020, he was head of consumer bank, payments and strategy.