Fifth Third ( FITB) named Kevin Kabat CEO, replacing longtime chief George Schaefer.

Kabat, 49, who was promoted to president last June, was widely seen as a possible successor to Schaefer. Kabat will take over the role at Fifth Third's annual meeting in mid-April. Schaefer, 61, has been CEO since 1991. He will remain the bank's chairman.

The Cincinnati bank has had a host of changes to its executive management over the past three years as several high-level executives departed for personal reasons.

Regulatory issues kept Fifth Third from making acquisitions from 2002 through 2004. Since then, a flattened yield curve has cut into earnings by narrowing the spread between the rate the bank charges on loans and the rate it pays on deposits. Some investors have grown frustrated with the bank's growth slowdown.

The stock closed up 32 cents to $40.35. Shares fell 2 cents in after-hours trading.

If you liked this article you might like

The 10 Best Jobs in America for 2016

20 Best Colleges for Campus Food

10 Consumer Stocks With the Highest Earnings Growth Last Quarter

5 Stocks Dumped by Hedge Funds Last Quarter

15 Most Lucrative Jobs in the Tech Industry