Greg Carmichael, the former CEO of Fifth Third Bancorp, is stepping down as executive chairman of the Cincinnati bank's board.
Carmichael plans to retire from Fifth Third's board of directors at the bank's annual shareholder meeting on April 18, according to a regulatory
Members of Fifth Third's board have voted to decrease the size of the board, so Carmichael's retirement will not result in any vacancies, the filing stated. After the shareholder meeting, a new chair will be elected and announced, a Fifth Third spokesperson said in an email.
Carmichael's tenure as executive chairman lasted less than a year. He took the position last July — at the same time that he stepped down as CEO, and the $207 billion-asset bank named Tim Spence as his successor.
Carmichael, who turned 61 in January, joined Fifth Third in 2003 as executive vice president and chief information officer. In 2015, he was named CEO, and he added the board chair position less than three years later.
In an April 2022
Carmichael's retirement as executive chairman isn't surprising, given that he "expressed an interest to transition to full retirement sooner versus later," said Chris Marinac, an analyst at Janney Montgomery Scott.
Marinac added that he believes Spence will continue in his position as Fifth Third's CEO and that a new executive chair will be named.
In Fifth Third's 2023 proxy statement, which was filed Monday, lead independent director Nicholas Akins wished Carmichael well in future endeavors.
"Mr. Carmichael's leadership, with a focus on implementing strategies to achieve through-the-cycle financial performance, will serve as a foundation for our company to continue to deliver strong results for years to come," Akins wrote.
