Kevin Kabat will step down as chief executive of Fifth Third Bancorp in November.

The $140 billion-asset company said in a press release Wednesday that Kabat, 58, had informed the board of his intention to retire. Kabat, who had led the Cincinnati company since 2007, will remain executive vice chairman through next April.

Greg Carmichael, Fifth Third's president and chief operating officer, will succeed Kabat on Nov. 1. Carmichael, 53, was immediately appointed to Fifth Third's board.

Carmichael "is the ideal choice," James Hackett, Fifth Third's chairman, said in the release. The bank "is well-positioned for future growth, with a diverse and dynamic consumer business, an expanding wealth management business, and a strong commercial business with expanding scale and scope."

Kabat added in the release that Carmichael "has demonstrated an unwavering focus on our customers, employees, communities, and shareholders."

Carmichael joined Fifth Third from Emerson Electric in 2003 to oversee information technology. He became chief operating officer in 2006, eventually overseeing the company's retail bank, investment advisers, business banking and all affiliate banks and markets. He became president in 2012, adding responsibility for Fifth Third's national commercial line of business.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.