Fifth Third Bancorp in Cincinnati has tapped a new chief strategy officer to replace Dan Poston, who will leave the bank to join the payment processor Vantiv.

The $142 billion-asset Fifth Third hired Timothy Spence to succeed Poston. Spence will join the company on Sept. 11 and will report to Greg Carmichael, the incoming chief executive. Spence was previously senior partner in the retail and business banking practice at Oliver Wyman.

As chief strategy officer, Spence will oversee strategic planning, including mergers and acquisitions, according to a Tuesday news release.

Poston will leave Fifth Third on Oct. 1 to become Vantiv's executive vice president for strategic client relations. Poston, who was 56 on March 12, has been a Vantiv director since 2012. The Securities and Exchange Commission in December 2013 fined Poston $100,000 and barred him from working as an accountant for a publicly traded company for his involvement in misclassifying troubled loans during the housing crisis. Poston stepped down from his position as CFO after the SEC's investigation.

Poston will continue to work closely with Fifth Third, since the bank is a Vantiv customer, Carmichael said in the release. Poston will manage the Fifth Third customer relationship for Vantiv.

Fifth Third owned about 19% of Vantiv, as of its March proxy statement.

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