Fifth Third shuffles executive lineup after CFO joins BMO

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Fifth Third Bancorp in Cincinnati has announced a slate of executive changes after its chief financial officer departed for a rival.

The company's chief risk officer, Jamie Leonard, has been elevated to CFO. His predecessor, Tayfun Tuzun, will become chief financial officer at BMO Financial Group in Toronto.

Fifth Third Chairman and CEO Greg Carmichael praised Tuzun as having performed his job with “grace, skill and wisdom” and said Leonard can step right in in Tuzun's place.

“Jamie has played a critical role in our risk management and treasury activities, and we are fortunate to have someone with his experience and skills who can seamlessly step into the chief financial officer role at Fifth Third,” Carmichael said in a press release Monday. “Jamie’s vast knowledge of our financial performance is unrivaled, as is his astute ability to identify and manage risk.”

Leonard has been with Fifth Third since 1999. Before he became chief risk officer, he also worked as the company’s treasurer and as director of business planning and analysis.

Bob Shaffer will replace Leonard as Fifth Third's chief risk officer. Shaffer had been its chief human resources officer since 2017, and before that he was chief auditor for almost a decade.

Peg Jula will succeed Shaffer as chief human resources officer. Jula has been with Fifth Third since 1991 and has held numerous human resources roles at the $202 billion-asset company, including talent acquisition and learning and development.

Last month Fifth Third named Tim Spence president, potentially lining him up as the successor to Carmichael as CEO.

Meanwhile, Tuzun, who became financial chief at Fifth Third in 2013, will join BMO as deputy chief financial officer during a transitional phase and will become the CFO on Jan. 1, BMO said in its own announcement Monday. Tuzun will also join the bank’s executive committee.

BMO's current financial chief, Tom Flynn, will become vice chair and focus on supporting corporate clients and enterprise strategic initiatives.

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