Tim Spence will succeed Greg Carmichael as CEO of Fifth Third Bank following Carmichael’s retirement, which will take effect on July 5. Following his retirement, Carmichael will become executive chairman for the bank, continue to lead its board of directors and provide advice and counsel to Spence.

“Tim is an outstanding leader who will continue to build on the bank’s strong momentum, which he has helped create. He has been an integral part of the leadership team since 2015, helping develop the strategies that Fifth Third is executing with excellence through innovation, technology and citizenship. Tim has brought resilience throughout the pandemic that has been instrumental in propelling Fifth Third to the forefront of customer-centric, digital-first banking, enabling our employees to serve the bank’s customers during their time of greatest need.” Marsha Williams, lead independent director of Fifth Third’s board of directors, said.

“I am honored to serve as Fifth Third’s next CEO and humbled to follow in the footsteps of an incredible leader like Greg,” Spence said. “Fifth Third is a great company because of our people, because we serve strong communities and because we believe to the core that our customers’ needs, their opportunities and their well-being are our chief concern. We will continue our track record of delivering on our commitments, our focus on investing for the future and our culture of accountability, collaboration and community leadership.”

“We cannot thank Greg enough for his strategic leadership and vision since he joined Fifth Third in 2003,” Williams said. “Since becoming our CEO in 2015, Greg led the transformation of Fifth Third into one of the most successful and respected banks, a top performer among its peers and one of the world’s most ethical companies. We are fortunate and grateful that Greg will continue to serve as Fifth Third’s executive chairman as we implement the strong succession plan we have developed.”

“It has been the honor of a lifetime being the CEO of Fifth Third, and I am grateful for the support of the board and all our employees,” Carmichael said. “Together, we have worked to be the one bank people most value and trust, and I am incredibly proud of what we have accomplished. The board and I are confident the time is right to transition the role of CEO, given Fifth Third’s strong financial health and performance, and Tim is well prepared to succeed in this role. I look forward to supporting Tim and the entire team as they continue to lead our industry and Fifth Third through exceptional products, innovation, dedication and service.”

Spence joined Fifth Third in 2015 as chief strategy officer and then became president in 2020. Before that, he was head of consumer banking, payments and strategy and was responsible for Fifth Third’s retail banking, mortgage, auto and specialty lending and payments business lines, as well as growth capabilities such as digital, marketing, strategy and financial technology partnerships. 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.

In 2018, American Banker recognized Spence as Digital Banker of the Year.