Fifth Third Bancorp in Cincinnati named Lars Anderson chief operating officer Thursday, three days after he said he was resigning as a vice chairman at Comerica.
The $140 billion-asset company said Anderson will succeed Greg Carmichael, who earlier this month was tapped to be Fifth Third's next chief executive. Anderson will join Fifth Third on Aug. 3, after he relocates to Cincinnati from Dallas.
Fifth Third will pay Anderson a salary of $675,000, plus a $3 million signing bonus and other considerations, according to a filing with the Securities and Exchange Commission. He will also be eligible for several compensation and benefit plans, including a guaranteed incentive payment of $750,000 payable next year, the filing said.
Anderson had been head of the business banking unit at Comerica, where he led more than 20 lines of business, including middle-market banking, corporate finance, treasury management services and leasing. He joined Comerica in 2010 from BB&T.
Carmichael will become Fifth Third's CEO on Nov. 1, when Kevin Kabat retires. Carmichael has worked for Fifth Third since 2003.