Home Banking Fifth Third promotes Tim Spence to president. Is he subsequent CEO?

Fifth Third promotes Tim Spence to president. Is he subsequent CEO?

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Fifth Third Bancorp in Cincinnati has elevated Tim Spence to president, probably lining him up as an eventual CEO candidate.

Most lately head of shopper banking, funds and techniques, Spence will now oversee all enterprise traces and regional banking in addition to proceed to supervise technique for the $202 billion-asset Fifth Third. He can even proceed to report back to Chairman and CEO Greg Carmichael, who beforehand held the title of president.

“Over the previous a number of years, he has been a principal architect and catalyst of lots of the firm’s most essential strategic initiatives,” Carmichael mentioned in a press launch Monday. “These initiatives embody natural development investments, quite a few partnerships with fintechs and different third events, and the 2019 acquisition of MB Monetary Inc. in Chicago.”

Tim Spence, president of Fifth Third

Tim Spence (pictured), 41, “has been a principal architect and catalyst of lots of the firm’s most essential strategic initiatives,” together with fintech partnerships, Fifh Third CEO Greg Carmichael mentioned in naming Spence president.

Spence was named American Banker’s 2018 Digital Banker of the Year largely due to his function in main Fifth Third’s digital transformation.

Monday’s announcement additionally units up Spence, 41, as a potential successor to Carmichael, 58. Scott Siefers, an analyst with Piper Sandler, mentioned he expects Carmichael to stay CEO for just a few extra years and that this might arrange a multiyear transition interval.

Carmichael, like Spence, has a tech-focused background, Siefers famous. Earlier than he joined Fifth Third in 2003, Carmichael was chief info officer on the tech and power agency Emerson Electrical.

“It’s form of acceptable he’d be geared towards somebody with comparable acumen in his personal search,” Siefers mentioned of the present CEO.

A Fifth Third spokeswoman didn’t instantly remark in regards to the succession hypothesis.

Spence joined Fifth Third in 2015 as chief technique officer and have become head of shopper banking and funds in 2017. Previous to becoming a member of Fifth Third, he was a senior accomplice within the monetary companies apply on the consulting agency Oliver Wyman.

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