CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (FITB) today announced the appointment of Tim Spence as president. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Fifth Third, in anticipation of promoting Spence, offered his consumer banking duties to McHugh, who considered that position a demotion, according to the complaint. Fifth Third Bancorp in Cincinnati has elevated Tim Spence to president, potentially lining him up as an eventual CEO candidate. It's 3% household growth over the past year. If you experience any issues with this process, please contact us for further assistance. Fifth Third Bancorp announced today that Dan Poston, its executive vice president and chief strategy and administrative officer, is leaving the Bank to join Vantiv, Inc., as... | February 7, 2021 Salary, bonuses, stock options, stock awards and other compensation information for top executives at FIFTH THIRD BANCORP. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the âunsubscribeâ section below. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Spence joins Fifth Third from Oliver Wyman, where he was a senior partner in the Retail and Business Banking practice, providing advice on strategy, innovation and performance improvement to executives at the world's largest financial institutions. He led … Most recently head of consumer banking, payments and strategies, Spence will now oversee all business lines and regional banking as well as continue to oversee strategy for the $202 billion-asset Fifth Third… Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire) In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. Executive Vice President and Head of Consumer Bank, Payments, and Strategy. This report is not for commercial use. He joined the bank in 2015. His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. Fifth Third Bank, National Association announced that Executive Vice President Kala Gibson has been named chief enterprise corporate responsibility officer & head of Business Banking. Salary, bonuses, stock options, stock awards and other compensation information for top executives at FIFTH THIRD BANCORP. âTim has demonstrated extraordinary leadership and vision in driving the strategy and execution to transform Fifth Third through innovation and technology,â said Carmichael. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Fifth Thirdâs common stock is traded on the NASDAQ® Global Select Market under the symbol âFITB.â, View source version on businesswire.com: Yeah. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Those initiatives include organic growth investments, numerous partnerships with fintechs and other third parties, and the 2019 acquisition of MB Financial Inc. in Chicago â a move that dramatically changed the competitive landscape and positioned us for success in one of our most important markets. Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. Chris Doll - Director of Investor Relations. The chart on this page features a breakdown of the total annual pay for Timothy N. Spence, Executive Vice President and Head of Consumer Bank, Payments, and Strategy at FIFTH THIRD BANCORP as reported in their proxy statements. See Phil McHugh's compensation, career history, education, & memberships. At Fifth Third Bank, we promise to treat your data with respect and will not share your information with any third party. âOver the past several years, he has been a principal architect and catalyst of many of the Companyâs most important strategic initiatives. There's a new President at the helm for Fifth Third Bancorp, parent to Fifth Third Bank which features branches throughout Michigan's Great Southwest and beyond. By providing your email address below, you are providing consent to Fifth Third Bank to send you the requested Investor Email Alert updates. His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank.In his new role, effective immediately, Spence will oversee all business lines and … Most recently head of consumer banking, payments and strategies, Spence will now handle all business lines and regional banking as well as continue to oversee strategy for the $202 billion-asset Fifth Third. Title: Tim Spence, Fifth Third Bancorp Senior Executive Management Keywords: IntUse46837625873 Created Date: 6/18/2019 12:00:59 PM Trend Analysis As Executive Vice President and Head of Consumer Bank, Payments, and Strategy at FIFTH THIRD BANCORP, Timothy N. Spence made $2,605,605 in total compensation. Fifth Third Announces Appointment of Timothy N. Spence as President, https://www.businesswire.com/news/home/20201026005298/en/. Fifth Third Bancorp announced the appointment of Tim Spence as president. After submitting your request, you will receive an activation email to the requested email address. Dive Brief: Fifth Third on Monday promoted Tim Spence — previously executive vice president and head of consumer banking, payments and strategy — to president, sparking speculation that the bank’s CEO, Greg Carmichael, may groom Spence to succeed him some day. [email protected] | 513-534-NEWS, Chris Doll (Investor Relations) Spence will continue to report to Greg Carmichael, the Companyâs chairman and chief executive officer. He led that area as chief strategy officer and then advanced in 2017 to head consumer banking and payments as well. Fifth Third Bancorp (Nasdaq: FITB) announced today that Dan Poston, its executive vice president and chief strategy and administrative officer, is leaving the Bank to join Vantiv, Inc., as executive vice president, strategic client relations. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Before joining Fifth Third, Spence was a senior partner in the financial services practice at Oliver Wyman, a global strategy and risk management consulting firm. The information shown here is a reporting of information included in the company's proxy statement. CINCINNATI—Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president.His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. Fifth Third Bancorp announced the appointment of Tim Spence as President. Spence devotes time to several local community and economic development organizations, including serving on the executive committee of the board at Cintrifuse, a public-private partnership that exists to build a sustainable tech-based economy in Greater Cincinnati, on the advisory board for Miami Universityâs Altman Institute for Entrepreneurship, and as member and co-chair of the commerce committee for the Cincinnati Chamberâs RESTART Taskforce. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Executive Vice President Philip McHugh left the bank Oct. 26, the same day it named Tim Spence president, sparking speculation Spence may be in line to succeed Carmichael as CEO. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. Tim Spence is executive vice president and head of consumer banking, payments, and strategy for Fifth Third. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. His promotion will … Despite the heightened competition, Fifth Third continues to bring in new customers. Spence, 41, was the head of consumer banking, payments and strategy at Fifth Third. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bankâs strategy. Last year, he brought home $3 million in total compensation, making him the bank’s fourth-highest-paid executive. His promotion will support the Companyâs ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. Fifth Third Bancorp ... Tim Spence-- President. You may also find the annual proxy statement by going directly to the company's website. (Source: Fifth Third Bank) By FOX19 Digital Staff | October 26, 2020 at 8:42 AM EDT - Updated October 27 at 11:19 AM It was Spenceâs strength in strategy that first brought him to Fifth Third in 2015. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Tim is keenly focused on solutions that enable Fifth Third to best serve our customers â from individuals to small and large businesses â and help them achieve their goals.â. Coronavirus Tips â Working and Protection. Cincinnati-based Fifth Third (Nasdaq: FITB) is the largest bank in the Dayton region with $5.37 billion in local deposits. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. He received an undergraduate degree … BIO . All proxy statements are public filings made available to the general public by the SEC. BACK TO COVID-19 BUSINESS CENTER. Phil McHugh is Former Exec VP/Head:Business Banking at Fifth Third Bancorp. Fifth Third announced this morning the appointment of Spence as President. Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire) In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. FIFTH THIRD BANCORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. In addition to recognizing his many achievements to date, that award highlighted his customer-centric approach, which has been the hallmark of Spenceâs banking career. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. Originally from the Pacific Northwest, Spence and his family make their home in Cincinnati. Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire) In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. See Tim Spence's compensation, career history, education, & memberships. His role is expanding to include responsibility for Community and Economic Development. He also serves as a board member for the Consumer Bankers Association. This press release features multimedia. ; Carmichael served as president for three years before springboarding to Fifth Third… CINCINNATI--(BUSINESS WIRE)-- Yeah. In his new role at Vantiv, of which Fifth Third is a significant customer, Poston will manage the … Fifth Third Bank is strengthening its Payments and Commerce Solutions team with the hiring of Jed Scala and Siva Gowrishankar as executive vice president and senior vice president, respectively. As Executive Vice President and Head of Consumer Bank, Payments, and Strategy at FIFTH THIRD BANCORP, Timothy N. Spence made $2,605,605 in total compensation. Company Participants. https://www.businesswire.com/news/home/20201026005298/en/, Ed Loyd (Media Relations) Of this total $492,694 was received as a salary, $670,000 was received as a bonus, $197,998 was received in stock options, $1,121,999 was awarded as stock and $122,914 came from other types of compensation. His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. “The Payments and Commerce Solutions division plays a critical role in helping Fifth Third address evolving needs of our customers and … Mr. Spence previously occupied the position of Senior Partner at Oliver, Wyman & Co. LLC. FIFTH THIRD BANCORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Tim Spence, Fifth Third Bank David Taylor, Procter & Gamble Paul Verst, Verst Logistics Tom Williams, North American Properties. ... Timothy N. Spence Executive Vice President and Head of Consumer … As of September 30, 2020, the Company had $202 billion in assets and operates 1,122 full-service Banking Centers, and 2,414 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. This information is according to proxy statements filed for the 2019 fiscal year. Spence long has been heralded for his commitment to innovation and has helped the Bank significantly advance its digital transformation. McHugh, 56, filed a lawsuit alleging age discrimination against Fifth Third in selecting Spence, 41, instead of him as … This press release features multimedia. You can sign up for additional alert options at any time. “Our Company has made tremendous strides over the past five years in the way we serve our communities,” said Tim Spence … You must click the activation link in order to complete your subscription. Fifth Third Bancorp announced Tim N. Spence as the new president for the company. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. View the full release here: https://www.businesswire.com/news/home/20201026005298/en/, Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire). Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. His promotion will support the company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank.In his new role, effective immediately, Spence will oversee all business lines and … His name is Tim Spence. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Investor information and press releases can be viewed at www.53.com. Fifth Third Bancorp (NASDAQ:FITB) Q4 2020 Earnings Conference Call January 21, 2021 9:00 AM ET. Biography. Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. He is responsible for the retail banking, mortgage, auto lending, cards, and commercial payments lines of business, and the digital, strategy, decision sciences, and fintech partnerships teams. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Tim Spence is President at Fifth Third Bancorp. Timothy Spence is on the board of The Consumer Bankers Association and President of Fifth Third Bancorp and Executive VP, Head-Consumer Bank & Payments at Fifth Third Bank, NA (Cincinnati, Ohio). The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The $202 billion-asset company publicly named Spence, 41, president on Oct. 26, ostensibly setting him up as a potential successor to … [email protected] | 513-534-2345. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Fifth Third Bancorp in Cincinnati has elevated Tim Spence to president, potentially lining him up as an eventual CEO candidate. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. Tim Spence, who was recently named president, said the company pays "a lot of attention” to its competition in the market and that includes fintechs alongside traditional financial institutions. In 2018, American Banker recognized him as Digital Banker of the Year, an award whose past honorees have included forward-thinking leaders from the nationâs largest financial institutions.
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