Fifth Third Bancorp announced the appointment of Tim Spence as President. His promotion will support the company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank.
In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the bank’s strategy. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. He led that area as Chief Strategy Officer and then advanced in 2017 to head Consumer Banking and Payments as well. Before joining Fifth Third, Spence was a Senior Partner in the financial services practice at Oliver Wyman, a global strategy and risk management consulting firm. Spence will continue to report to Greg Carmichael, Chairman and Chief Executive Officer.
“Tim has demonstrated extraordinary leadership and vision in driving the strategy and execution to transform Fifth Third through innovation and technology,” said Carmichael. “Over the past several years, he has been a principal architect and catalyst of many of the company’s most important strategic initiatives. Those initiatives include organic growth investments, numerous partnerships with fintechs and other third parties, and the 2019 acquisition of MB Financial Inc. in Chicago – a move that dramatically changed the competitive landscape and positioned us for success in one of our most important markets. Tim is keenly focused on solutions that enable Fifth Third to best serve our customers – from individuals to small and large businesses – and help them achieve their goals.”
Spence long has been heralded for his commitment to innovation and has helped the bank significantly advance its digital transformation. In 2018, American Banker recognized him as Digital Banker of the Year, an award whose past honorees have included forward-thinking leaders from the nation’s largest financial institutions. In addition to recognizing his many achievements to date, that award highlighted his customer-centric approach, which has been the hallmark of Spence’s banking career.