Fifth Third Bancorp in Cincinnati will soon have a new leader.
The $211 billion-asset company said in a press release Tuesday that Tim Spence will succeed Greg Carmichael as CEO on July 5. Carmichael, who is retiring, will remain chairman.
Spence “is an outstanding leader who will continue to build on the bank’s strong momentum, which he has helped create,” Marsha Williams, Fifth Third’s lead independent director, said in the release.
Spence “has been an integral part of the leadership team since 2015, helping develop the strategies that Fifth Third is executing with excellence through innovation, technology and citizenship,” Williams added.
Carmichael, who joined Fifth Third in 2003, has been CEO since 2015.
Spence, who joined Fifth Third in 2015 as chief strategy officer, was named president in 2020.