- Push-out Score determined
- After almost seven years in the position
- Praise and thanks for Carmichael
- Tim Spence taking over
- Carmichael will remain as executive chairman at Fifth Third Bancorp
- Carmichael said 112 words
(exechange) — Cincinnati, Ohio, April 12, 2022 — Greg Carmichael, chief executive of Fifth Third Bancorp, leaves his position. As announced by Fifth Third Bancorp in a news release and in a regulatory filing published on Tuesday, April 12, 2022, Greg D. Carmichael leaves his post as chief executive officer at the financial services company, after almost seven years in the role, effective July 5, 2022.
Greg Carmichael’s duties as CEO will be taken over by Timothy N. (Tim) Spence, currently president at Fifth Third Bancorp.
“The time is right”
Greg Carmichael’s departure from the CEO post is explained as follows. Carmichael said: “The Board and I are confident the time is right to transition the role of CEO, given Fifth Third’s strong financial health and performance, and Tim is well-prepared to succeed in this role.”
Carmichael will remain as executive chairman at Fifth Third Bancorp
“Greg Carmichael has elected to retire as chief executive officer effective July 5. At that time, Carmichael will become executive chairman, continuing to lead the Board of Directors and provide advice and counsel to the CEO,” Fifth Third Bancorp said.
Fifth Third Bancorp said: “Greg Carmichael has elected to retire as chief executive officer effective July 5.”
Share price increase since April 2017
The announcement follows an increase in Fifth Third Bancorp’s share price of 60% since April 2017.
In the position of CEO since 2015
Greg Carmichael became CEO of the Company in 2015.
Greg D. Carmichael has served as Chairman of the Board since February 2018 and Chief Executive Officer of the Bancorp since November 2015.
Previously, Carmichael was President of the Bancorp from September 2012 to October 2020, Chief Operating Officer of the Bancorp from June 2006 to August 2015, Executive Vice President of the Bancorp from June 2006 to September 2012 and Chief Information Officer of the Bancorp from June 2003 to June 2006.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Greg Carmichael’s move on a scale of 0 to 10.
exechange reached out to Fifth Third Bancorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 16.2022 ($).