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TheStreet Open House

Board Of Directors Appoints CEO Kabat To Vice Chair; COO Carmichael Promoted To Bancorp President

Stocks in this article: FITB

Fifth Third Bancorp’s (Nasdaq: FITB) Board of Directors today announced that it has given Kevin T. Kabat the additional title of vice chairman, effective immediately. Kabat will continue to serve as chief executive officer, a position he has held since 2007, and as a board member.

“The Board is pleased that Kevin will add the additional title of vice chairman, given his outstanding leadership and performance during the most challenging time in our industry’s history,” said William Isaac, chairman of the Fifth Third Bancorp Board of Directors. “The Board has the utmost confidence in Kevin and in his ability to lead our Company now and in the future and this new title reflects that confidence.”

Isaac added that the structure of the Board of Directors will remain the same, with a non-executive chairman and an independent lead director.

Also today Kevin Kabat announced that the Board of Directors has promoted Greg Carmichael to president and COO, effective immediately.

Carmichael has served as chief operating officer since 2006. In 2008 he assumed responsibility for Fifth Third Mortgage Company, Consumer Finance and Dealer Finance and in 2009 his responsibilities were expanded to include the Retail Bank, Investment Advisors, Business Banking and all affiliates and markets. With his promotion to president, Carmichael will now have additional responsibility for the National Commercial Line of Business.

“Greg’s promotion to president recognizes his outstanding performance the past several years in driving company performance in our affiliates and throughout the lines of business,” said Kabat. “He has driven extraordinary results in a time of unprecedented challenges. Bringing the national commercial business under his leadership will more fully align our business lines and distribution capabilities.”

Carmichael began his career at Fifth Third in 2003 as executive vice president and chief information officer. During his tenure, he has assumed leadership positions overseeing Strategic Planning, Operations, Strategic Sourcing and Distribution Strategies. Prior to joining Fifth Third, he served as vice president and chief information officer for Emerson Electric, and held management roles with General Electric. A native of Cincinnati, Carmichael received his bachelor’s degree in computer science from the University of Dayton, and his MBA from Central Michigan University.

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