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Fifth Third Elects Hackett Chairman as Isaac Retires

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April 15 (Bloomberg) -- Fifth Third Bancorp, Ohio’s largest lender, elected James P. Hackett as non-executive chairman to succeed William Isaac, who’s retiring.

Marsha C. Williams was elected lead director at the company’s annual shareholder meeting today and will replace Hackett in that role, Cincinnati-based Fifth Third said in a statement. Hackett, 58, is vice chairman of office furniture maker Steelcase Inc. Isaac, 70, is a former chairman of the Federal Deposit Insurance Corp.

Hackett’s appointment means that Chief Executive Officer Kevin Kabat isn’t regaining the chairman title, a possibility that the board may consider, according to the company’s annual proxy filing last month. Kabat, 57, held both roles from 2008 to 2010 until he was replaced by Isaac, who stepped down because he had reached the mandatory board retirement age.

Fifth Third rose 3 cents to close at $21.63 today in New York. The shares climbed 2.9 percent this year, compared with a 0.2 percent decline for the 24-company KBW Bank Index.

To contact the reporter on this story: Elizabeth Dexheimer in New York at edexheimer@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net Dan Kraut