Fifth Third Bancorp made changes to its executive leadership that will take effect on Jan. 2, 2024, with its board of directors voting to appoint Tim Spence chairman of the board. Spence will succeed Nick Akins, who has been elected lead independent director. Spence’s responsibilities will include those of chairman, CEO and president of Fifth Third Bancorp.
“The appointment recognizes Tim’s leadership and the board’s confidence in his ability to guide our organization,” Akins said. “He has a thoughtful vision for the future of our company.”
Jamie Leonard, currently CFO of Fifth Third, will become chief operating officer with oversight of the bank’s largest customer-facing employee groups. His responsibilities in this new role will include overseeing retail banking, consumer lending, operations, business controls, strategy and marketing. Leonard’s breadth of experience during his nearly 25 years at Fifth Third includes serving as CFO, chief risk officer and in various finance leadership roles.
Bryan Preston, currently Fifth Third’s treasurer, will replace Leonard as CFO. Preston has experience in finance leadership in treasury, accounting and financial planning throughout his nearly two decades at Fifth Third.
Brennen Willingham, currently managing director of capital, liquidity and corporate development at Fifth Third, will succeed Preston as treasurer. Since joining Fifth Third in 2007, Willingham has held various positions within the treasury group, including leading Fifth Third’s capital and liquidity management functions and corporate development.
“These changes are designed to best position Fifth Third for the future,” Spence said. “I’m thrilled to elevate Jamie to the newly created position of chief operating officer. His leadership, combined with a streamlined reporting structure, gives us the opportunity to continue delivering on our priorities of stability, profitability and growth. I’m also excited to elevate Bryan and Brennen. Their appointments demonstrate the deep bench of talent across our organization.”
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