Tim Spence Set To Lead Fifth Third Bancorp After Greg Carmichael Steps Down as CEO

tx_pending_forever · 2025-12-26T01:39:53+00:00

Fifth Third Bancorp is undergoing a leadership change as Greg Carmichael steps down as CEO to become executive chairman, with Tim Spence appointed as the new CEO. Spence promises to prioritize community and employee welfare, while Carmichael continues to provide guidance during the transition.

tx_pending_forever

2025-12-26 01:39:53

Abstract generation in progress

Fifth Third Bancorp (FITB) announced a significant leadership transition this week. Greg Carmichael, the company’s current Chief Executive Officer, will step down from his executive position on July 5, transitioning into the role of executive chairman. This move opens the door for Tim Spence to assume the top leadership position.

New Leadership Era Begins

Tim Spence’s appointment as Fifth Third’s next CEO marks a moment of continuity paired with fresh strategic direction. The incoming leader brought substantial experience to the table after joining the company in 2015 as chief strategy officer. His career trajectory within the organization demonstrates steady advancement—he previously headed the consumer bank division, managed payments operations, and oversaw strategic initiatives before this promotion.

Spence’s Vision for the Company

In his statement, Spence emphasized the foundation upon which Fifth Third operates. “Our strength comes from the people we employ and the communities we serve,” he noted, highlighting the organization’s commitment to prioritizing customer needs and well-being. The new CEO has pledged to maintain the company’s focus on delivering results, investing in future capabilities, and fostering a workplace culture centered on accountability and collaboration.

Greg Carmichael’s Evolving Role

Rather than a complete exit, Greg Carmichael will remain deeply involved with Fifth Third. His shift to executive chairman ensures a measured transition, with Carmichael continuing to guide the Board of Directors while offering strategic counsel to his successor. This arrangement reflects confidence in both the outgoing and incoming leadership to work effectively during the handoff period.

The leadership change underscores Fifth Third’s confidence in internal talent development and its commitment to seamless operational continuity during the transition.

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