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Fifth Third President Tim Spence to Succeed Carmichael as CEO

Fifth Third Bancorp said President Tim Spence will become chief executive officer on July 5, when Greg Carmichael steps down to become executive chairman.

Spence, 43, joined Fifth Third in 2015 as chief strategy officer, the Cincinnati-based company said in a statement Tuesday. Before becoming president in 2020, he was head of the consumer bank, payments and strategy. In that role, he was responsible for retail banking, mortgage, auto and specialty lending, as well as digital, marketing and fintech partnerships.