Cincinnati - Fifth Third Bancorp (Nasdaq: FITB) announced today that Aravind Immaneni will be joining the Bank effective Nov. 14, 2016, as executive vice president and chief operations and technology officer. Immaneni will report to President and CEO Greg D. Carmichael. He will be responsible for all aspects of information technology and back-office operations at the $143 billion bank.
Immaneni has extensive experience in transforming businesses by reinventing operations, technology and processes. He joins Fifth Third from TD Bank, where he currently is head of Retail Distribution Strategy & Operations. In that role, Immaneni has oversight for branch operations, infrastructure, distribution strategy and transformation for TD Bank’s 1,280-branch network from Maine to Florida. Prior to his current role, he served as head of Retail Bank Operations, with oversight for back-office operations, systems, loan origination and underwriting for TD’s Consumer Bank.
“We are excited to have an executive of Aravind’s caliber and seasoning join Fifth Third in this role at this time,” Carmichael said. “In addition to being able to contribute immediately to current lines of business, Aravind also will put his extensive expertise and passion to work on new initiatives under way to grow revenue, tightly manage expenses and improve the customer experience.”
Immaneni started his career with DuPont in 1997, serving in roles spanning research, operations and marketing. He joined Capital One in 2002, holding senior leadership positions in National Direct Bank, Deposit Operations & External Fraud, and Commercial & Small Business Operations. In each role, he led significant transformation by integrating process improvement and technology.
Immaneni earned a bachelor’s degree in Chemical Engineering from IIT-Madras and a doctorate from the University of Illinois at Champaign-Urbana. He also graduated Palmer Scholar with an MBA from the Wharton School of Business. He is a certified Six Sigma Master Black Belt. Immaneni is also an avid ultra-distance athlete and is a two-time Ironman finisher. He and his family will relocate to the Cincinnati area from New Jersey.
“I am thrilled to join the leadership team at Fifth Third,” Immaneni said. “This is a terrific time to leverage my experience in operations and technology at Fifth Third to help the Company achieve and exceed its strategic objectives.”
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. As of September 30, 2016, the Company had $143 billion in assets and operates 1,191 full-service Banking Centers, including 94 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,497 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2016, had $314 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC, Equal Housing Lender.