His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. In addition to recognizing his many achievements to date, that award highlighted his customer-centric approach, which has been the hallmark of Spence’s banking career. Cincinnati-based Fifth Third (Nasdaq: FITB) is the largest bank in the Dayton region with $5.37 billion in local deposits. Fifth Third Bancorp in Cincinnati has elevated Tim Spence to president, potentially lining him up as an eventual CEO candidate. This press release features multimedia. His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. Executive Vice President and Head of Consumer Bank, Payments, and Strategy. In 2018, American Banker recognized him as Digital Banker of the Year, an award whose past honorees have included forward-thinking leaders from the nation’s largest financial institutions. His promotion will … Spence joins Fifth Third from Oliver Wyman, where he was a senior partner in the Retail and Business Banking practice, providing advice on strategy, innovation and performance improvement to executives at the world's largest financial institutions. CINCINNATI—Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president.His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. Fifth Third Bank is strengthening its Payments and Commerce Solutions team with the hiring of Jed Scala and Siva Gowrishankar as executive vice president and senior vice president, respectively. It's 3% household growth over the past year. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire) In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. Tim Spence is President at Fifth Third Bancorp. Salary, bonuses, stock options, stock awards and other compensation information for top executives at FIFTH THIRD BANCORP. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Tim is keenly focused on solutions that enable Fifth Third to best serve our customers – from individuals to small and large businesses – and help them achieve their goals.”. Biography. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. “The Payments and Commerce Solutions division plays a critical role in helping Fifth Third address evolving needs of our customers and … Mr. Spence previously occupied the position of Senior Partner at Oliver, Wyman & Co. LLC. View the full release here: https://www.businesswire.com/news/home/20201026005298/en/, Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire). All proxy statements are public filings made available to the general public by the SEC. Spence devotes time to several local community and economic development organizations, including serving on the executive committee of the board at Cintrifuse, a public-private partnership that exists to build a sustainable tech-based economy in Greater Cincinnati, on the advisory board for Miami University’s Altman Institute for Entrepreneurship, and as member and co-chair of the commerce committee for the Cincinnati Chamber’s RESTART Taskforce. As Executive Vice President and Head of Consumer Bank, Payments, and Strategy at FIFTH THIRD BANCORP, Timothy N. Spence made $2,605,605 in total compensation. Chris Doll - Director of Investor Relations. Fifth Third announced this morning the appointment of Spence as President. The information shown here is a reporting of information included in the company's proxy statement. Thorough reviews have been conducted to assure this data accurately reflects disclosures. BIO . “Tim has demonstrated extraordinary leadership and vision in driving the strategy and execution to transform Fifth Third through innovation and technology,” said Carmichael. Tim Spence, who was recently named president, said the company pays "a lot of attention” to its competition in the market and that includes fintechs alongside traditional financial institutions. Investor information and press releases can be viewed at www.53.com. You can sign up for additional alert options at any time. Fifth Third Bancorp ... Tim Spence-- President. Dive Brief: Fifth Third on Monday promoted Tim Spence — previously executive vice president and head of consumer banking, payments and strategy — to president, sparking speculation that the bank’s CEO, Greg Carmichael, may groom Spence to succeed him some day. Trend Analysis As Executive Vice President and Head of Consumer Bank, Payments, and Strategy at FIFTH THIRD BANCORP, Timothy N. Spence made $2,605,605 in total compensation. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. You may also find the annual proxy statement by going directly to the company's website. Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire) In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”, View source version on businesswire.com: Of this total $492,694 was received as a salary, $670,000 was received as a bonus, $197,998 was received in stock options, $1,121,999 was awarded as stock and $122,914 came from other types of compensation. See Phil McHugh's compensation, career history, education, & memberships. Tim Spence, Fifth Third Bank David Taylor, Procter & Gamble Paul Verst, Verst Logistics Tom Williams, North American Properties. Fifth Third Bancorp announced the appointment of Tim Spence as President. Fifth Third, in anticipation of promoting Spence, offered his consumer banking duties to McHugh, who considered that position a demotion, according to the complaint. “Over the past several years, he has been a principal architect and catalyst of many of the Company’s most important strategic initiatives. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. FIFTH THIRD BANCORP income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. There's a new President at the helm for Fifth Third Bancorp, parent to Fifth Third Bank which features branches throughout Michigan's Great Southwest and beyond. [email protected] | 513-534-NEWS, Chris Doll (Investor Relations) The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Last year, he brought home $3 million in total compensation, making him the bank’s fourth-highest-paid executive. Most recently head of consumer banking, payments and strategies, Spence will now handle all business lines and regional banking as well as continue to oversee strategy for the $202 billion-asset Fifth Third. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bank, National Association announced that Executive Vice President Kala Gibson has been named chief enterprise corporate responsibility officer & head of Business Banking. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. You must click the activation link in order to complete your subscription. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). (Source: Fifth Third Bank) By FOX19 Digital Staff | October 26, 2020 at 8:42 AM EDT - Updated October 27 at 11:19 AM He joined the bank in 2015. Yeah. Tim Spence, President of Fifth Third Bancorp (Photo: Business Wire) In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. This information is according to proxy statements filed for the 2019 fiscal year. He received an undergraduate degree … Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Tim Spence is executive vice president and head of consumer banking, payments, and strategy for Fifth Third. Originally from the Pacific Northwest, Spence and his family make their home in Cincinnati. Phil McHugh is Former Exec VP/Head:Business Banking at Fifth Third Bancorp. Those initiatives include organic growth investments, numerous partnerships with fintechs and other third parties, and the 2019 acquisition of MB Financial Inc. in Chicago – a move that dramatically changed the competitive landscape and positioned us for success in one of our most important markets. Before joining Fifth Third, Spence was a senior partner in the financial services practice at Oliver Wyman, a global strategy and risk management consulting firm. If you experience any issues with this process, please contact us for further assistance. Executive Vice President Philip McHugh left the bank Oct. 26, the same day it named Tim Spence president, sparking speculation Spence may be in line to succeed Carmichael as CEO. BACK TO COVID-19 BUSINESS CENTER. In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. At Fifth Third Bank, we promise to treat your data with respect and will not share your information with any third party. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. Fifth Third Bancorp (Nasdaq: FITB) announced today that Dan Poston, its executive vice president and chief strategy and administrative officer, is leaving the Bank to join Vantiv, Inc., as executive vice president, strategic client relations. His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank.In his new role, effective immediately, Spence will oversee all business lines and … He also serves as a board member for the Consumer Bankers Association. FIFTH THIRD BANCORP annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Fifth Third Announces Appointment of Timothy N. Spence as President, https://www.businesswire.com/news/home/20201026005298/en/. Company Participants. Timothy Spence is on the board of The Consumer Bankers Association and President of Fifth Third Bancorp and Executive VP, Head-Consumer Bank & Payments at Fifth Third Bank, NA (Cincinnati, Ohio). This press release features multimedia. His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank. Fifth Third Bancorp announced Tim N. Spence as the new president for the company. After submitting your request, you will receive an activation email to the requested email address. CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (FITB) today announced the appointment of Tim Spence as president. [email protected] | 513-534-2345. Title: Tim Spence, Fifth Third Bancorp Senior Executive Management Keywords: IntUse46837625873 Created Date: 6/18/2019 12:00:59 PM Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. The $202 billion-asset company publicly named Spence, 41, president on Oct. 26, ostensibly setting him up as a potential successor to … The chart on this page features a breakdown of the total annual pay for Timothy N. Spence, Executive Vice President and Head of Consumer Bank, Payments, and Strategy at FIFTH THIRD BANCORP as reported in their proxy statements. Fifth Third Bancorp (NASDAQ:FITB) Q4 2020 Earnings Conference Call January 21, 2021 9:00 AM ET. By providing your email address below, you are providing consent to Fifth Third Bank to send you the requested Investor Email Alert updates. Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. Despite the heightened competition, Fifth Third continues to bring in new customers. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. McHugh, 56, filed a lawsuit alleging age discrimination against Fifth Third in selecting Spence, 41, instead of him as … “Our Company has made tremendous strides over the past five years in the way we serve our communities,” said Tim Spence … Coronavirus Tips – Working and Protection. ... Timothy N. Spence Executive Vice President and Head of Consumer … He led that area as chief strategy officer and then advanced in 2017 to head consumer banking and payments as well. He is responsible for the retail banking, mortgage, auto lending, cards, and commercial payments lines of business, and the digital, strategy, decision sciences, and fintech partnerships teams. Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. Most recently head of consumer banking, payments and strategies, Spence will now oversee all business lines and regional banking as well as continue to oversee strategy for the $202 billion-asset Fifth Third… Fifth Third Bancorp announced the appointment of Tim Spence as president. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Salary, bonuses, stock options, stock awards and other compensation information for top executives at FIFTH THIRD BANCORP. Spence will continue to report to Greg Carmichael, the Company’s chairman and chief executive officer. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. He led … Fifth Third Bancorp (Nasdaq: FITB) today announced the appointment of Tim Spence as president. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. Spence, 41, was the head of consumer banking, payments and strategy at Fifth Third. See Tim Spence's compensation, career history, education, & memberships. As of September 30, 2020, the Company had $202 billion in assets and operates 1,122 full-service Banking Centers, and 2,414 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. This report is not for commercial use. His name is Tim Spence. https://www.businesswire.com/news/home/20201026005298/en/, Ed Loyd (Media Relations) Yeah. Spence long has been heralded for his commitment to innovation and has helped the Bank significantly advance its digital transformation. Fifth Third Bancorp in Cincinnati has elevated Tim Spence to president, potentially lining him up as an eventual CEO candidate. ; Carmichael served as president for three years before springboarding to Fifth Third… His role is expanding to include responsibility for Community and Economic Development. In his new role at Vantiv, of which Fifth Third is a significant customer, Poston will manage the … Fifth Third Bancorp announced today that Dan Poston, its executive vice president and chief strategy and administrative officer, is leaving the Bank to join Vantiv, Inc., as... | February 7, 2021 His promotion will support the company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank.In his new role, effective immediately, Spence will oversee all business lines and …