- Debra DeCourcy, APR (Media) 513.534.4153
Fifth Third Promotes Larry Magnesen to Chief Marketing Officer
Fifth Third Bancorp (NASDAQ: FITB) today announced that it has promoted Larry S. Magnesen to Chief Marketing Officer for the Bancorp, effective immediately. Magnesen replaces Wilfrid Daly, 62, who retired from that position on December 31.
Magnesen, 49, previously served as the Bancorp’s senior vice president of marketing. In that capacity he was responsible for leading several of the bank’s strategic initiatives. As chief marketing officer, he will direct the advertising, marketing and communications activities across the Bank’s 19 affiliates in 10 states.
“We are excited to have Larry in such a strategic position within the Bank,” said Kevin T. Kabat, president of Fifth Third Bancorp. “He is, without a doubt, the best person to drive us forward as we showcase new products, services and initiatives.”
Prior to his relocation to Cincinnati and promotion to senior vice president for marketing in 2005, Magnesen directed all marketing efforts for Fifth Third’s Western Michigan affiliate, headquartered in Grand Rapids. He joined Fifth Third in 2001 with the acquisition of Old Kent Financial Corporation. At the time of acquisition, Magnesen served as senior vice president of marketing for that company. Before joining Old Kent, he was vice president and Regional Marketing Executive for the former Banc One Corporation, headquartered in Columbus.
Magnesen has a Master of Management degree from Northwestern University’s J.L. Kellogg Graduate School of Management. He has a bachelor’s degree in Psychology and International Business from Carthage College in Kenosha, Wisconsin. Magnesen is a member of the board of directors of the Cincinnati Chamber Orchestra. He, his wife, Peggy, and their three children reside in Anderson Township.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $105.8 billion in assets, operates 19 affiliates with 1,150 full-service Banking Centers, including 111 Bank Mart® locations open seven days a week inside select grocery stores and 2,136 Jeanie® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. 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 September 30, 2006, has $215 billion in assets under care, of which it manages $32 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 through the NASDAQ® National Global Select Market System under the symbol “FITB.”