Fifth Third Bancorp's chief executive officer plans to retire and will be succeeded by the company's current president and chief operating officer, Fifth Third officials said Wednesday.
CEO Kevin Kabat will be succeeded by Greg Carmichael, whose appointment takes effect Nov. 1. He will retain his role as president and become a board member immediately.
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Kabat, who has served as CEO of Cincinnati-based Fifth Third Bancorp since April 2007, will continue to serve as executive vice chairman until his retirement in April 2016.
The company announced last month that it plans to close or consolidate about 100 branches and has abandoned plans for 30 new ones. It said then that the changes will cost the company between $75 million and $85 million in impairment charges during the second quarter. There will also be up to $10 million in other costs related to real estate contracts. The company had acquired property for its planned branch expansion.
Carmichael has extensive experience in leading all operating units of the bank, Fifth Third board chairman James P. Hackett said in a statement Wednesday.
"Greg will be a terrific CEO," Kabat, 58, said in the statement. "As the president and chief operating officer, he has demonstrated an unwavering focus on our customers, employees, communities and shareholders."
Carmichael, who is 53, joined Fifth Third in 2003 and became chief operating officer in 2006. He was named president in 2012.
As of March 31, Fifth Third Bancorp operated 15 affiliates with more than 1,300 full-service banking centers and more than 2,600 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.