James Hackett Named Lead Director
CINCINNATI, June 18 /PRNewswire-FirstCall/ -- Fifth Third Bancorp today
announced that Kevin T. Kabat, president and chief executive officer, has
additionally been named chairman of the board of directors effective
Tuesday, June 17. Kabat replaces George A. Schaefer, Jr. who retired from
the Board yesterday. This action completes the succession plan following
Mr. Schaefer's retirement as CEO in April 2007. In addition, the Board also
named James P. Hackett as lead director.
"We are pleased to recognize Kevin's contributions to Fifth Third and
the confidence we have in his ability to continue to guide our
organization, particularly through this turbulent time, by adding the
chairman duties to his areas of responsibility," said Hackett.
"Much of Fifth Third's success can be attributed to George's leadership
and direction during his time as chairman and during his years as CEO,"
said Kabat. "On behalf of the management team, I again thank George for his
significant contributions during his 37-year career with the Bank and wish
him the best in his retirement."
"Kevin has demonstrated that he is absolutely the right person to lead
Fifth Third," said Schaefer. "While Fifth Third Bank has been an important
part of my life for nearly 40 years, I am excited to move on and enjoy time
with family."
Schaefer joined Fifth Third Bank in 1971 as a management trainee. He
was named president and chief operating officer in 1989, when the company
had $7.1 billion in assets, and was elevated to chief executive officer in
1991. Under his leadership, Fifth Third had grown to a $100 billion
diversified financial services corporation throughout a 12-state region. He
was promoted to chairman in June 2006.
The Board also announced today the appointment of James P. Hackett as
lead director and head of Fifth Third's Nominating and Corporate Governance
Committee, effective immediately. He replaces Dudley S. Taft in that
capacity. Hackett, president and CEO of Steelcase, Inc. joined Fifth
Third's Board in 2001. As lead director, he will among other duties be
responsible for coordinating the activities of the independent directors.
Further information about the duties of the lead director is available on
http://www.53.com. Taft will continue to serve on the Board.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $111 billion in assets,
operates 18 affiliates with 1,314 full-service Banking Centers, including
111 Bank Mart(R) locations open seven days a week inside select grocery
stores and 2,333 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,
Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and
North Carolina. Fifth Third operates five main businesses: Commercial
Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth
Third Processing Solutions. Fifth Third is among the largest money managers
in the Midwest and, as of March 31, 2008, has $212 billion in assets under
care, of which it managed $31 billion for individuals, corporations and
not-for-profit organizations. Investor information and press releases can
be viewed at http://www.53.com. Fifth Third's common stock is traded on the
NASDAQ(R) National Global Select Market under the symbol "FITB."
SOURCE Fifth Third Bancorp
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Related links:
http://www.53.com
CONTACT:
Debra DeCourcy, APR, Fifth Third Bancorp,
+1-513-534-4153
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