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Fifth Third Bancorp Announces Organizational Realignment
Kevin T. Kabat, president and Chief Executive Officer of Fifth Third Bancorp, today announced a realignment of the Consumer Bank line of business in order to enhance execution of the Company’s strategic priorities and leverage the skills and roles of its current leadership team.
Terry Zink, executive vice president for Affiliate Administration, will take on responsibility for Retail and Business Banking, to better align product development with the Bank’s affiliate distribution channels. Greg Carmichael, executive vice president and Chief Operating Officer, will have added responsibility for Consumer Lending and Mortgage Banking, and for delivery of these products with consumer loan operations, which currently reports to Carmichael. Finally, Robert Sullivan, senior executive vice president and president of the Greater Cincinnati affiliate, will take on the added responsibility for the direction of Fifth Third’s customer satisfaction program. Zink, Carmichael and Sullivan will continue to report to Kevin Kabat.
“The new organizational structure returns us to our original model and helps us streamline our operations and our effectiveness,” said Kabat. “I have the utmost confidence in Terry, Greg and Bob and in their ability to take on these expanded roles.”
Winston Wilkinson has left the Bank to pursue other opportunities. “We wish Winston the best of luck in his new pursuits and we thank him for his contributions,” said Kabat. Wilkinson’s vacated position will not be filled.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $101 billion in assets, operates 18 affiliates with 1,167 full-service Banking Centers, including 109 Bank Mart® locations open seven days a week inside select grocery stores and 2,131 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 June 30, 2007, has $232 billion in assets under care, of which it managed $34 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.”