Fifth Third Hires Comerica Executive to Be COO

Career moves

Comerica Names New Business Bank Head after Vice Chair Quits

Comerica in Dallas has hired a leader for its commercial lending division after its vice chairman, who had led that segment, resigned.

By Jacob Passy

July 14
Consumer banking

New Fifth Third CEO Took Road Less Traveled to C-Suite: Through IT

Greg Carmichael, a former IT executive, has been tapped to lead Fifth Third Bancorp, a move showing the growing importance of technology in banks' operations. He'll have to find new ways to grow revenue as he succeeds Kevin Kabat, under whom profitability has sagged recently.

By Chris Cumming

July 8
Ohio

Fifth Third Chief Kabat to Retire in November

Kevin Kabat told the board of Fifth Third Bancorp that he intends to step down as CEO in November. Kabat, who had led the Cincinnati company since 2007, will remain executive vice chairman through next April.

By Paul Davis

July 8

Fifth Third Bancorp in Cincinnati named Lars Anderson chief operating officer Thursday, three days after he said he was resigning as a vice chairman at Comerica.

The $140 billion-asset company said Anderson will succeed Greg Carmichael, who earlier this month was tapped to be Fifth Third's next chief executive. Anderson will join Fifth Third on Aug. 3, after he relocates to Cincinnati from Dallas.

Fifth Third will pay Anderson a salary of $675,000, plus a $3 million signing bonus and other considerations, according to a filing with the Securities and Exchange Commission. He will also be eligible for several compensation and benefit plans, including a guaranteed incentive payment of $750,000 payable next year, the filing said.

Anderson had been head of the business banking unit at Comerica, where he led more than 20 lines of business, including middle-market banking, corporate finance, treasury management services and leasing. He joined Comerica in 2010 from BB&T.

Carmichael will become Fifth Third's CEO on Nov. 1, when Kevin Kabat retires. Carmichael has worked for Fifth Third since 2003.

Andy Peters

twitter