Fifth Third Bancorp in Cincinnati will operate without a board chairman or vice chairman after three directors announced their plans to retire.
Chairman James Hackett, former Chief Executive Kevin Kabat and director Junior Bridgeman all said this week that they will not stand for re-election to the board of the $142 billion-asset company at its April 19 annual meeting.
Kevin Kabat, 58, who retired as CEO in November, has remained vice chairman but will relinquish that role.
Marsha Williams, lead independent director for the $142 billion-asset Fifth Third, will lead the board until a new chairman is elected, said Larry Magnesen, a bank spokesman.
"There's no immediate need to appoint a chair, given that we have a lead director," Magnesen said. "Our governance process provides for leadership of the board until such time as they reach a decision regarding a new chairperson."
Hackett, 60, has been Fifth Third's chairman since April 2014 and has been a director since 2001. He is retiring "to pursue other full-time employment opportunities," according to a regulatory filing. Hackett is the former CEO of Steelcase, a furniture maker in Grand Rapids, Mich. He is also the former interim athletic director at the University of Michigan.
Bridgeman, 61, has been a director since 2007. A former professional basketball player for the Milwaukee Bucks, Bridgeman is owner and president B.F. Cos., which operates Wendy's and Chili's restaurant franchises.
Fifth Third did not say why Kabat and Bridgeman decided to leave the board.
Fifth Third will reduce its board to 11 members after the three directors depart, Magnesen said.