Fifth Third Bancorp Elevates Timothy N. Spence To Triple-Hat Role As Chairman, CEO, And President

Fifth Third Bancorp (FITB) has reshuffled its executive leadership, with Timothy N. Spence now taking on the additional responsibility of chairman, a move approved by the Board of Directors and effective January 2, 2024. Spence, who already served as chief executive officer and president, now consolidates significant authority within the organization under a unified leadership structure.

Strategic Leadership Transition

The organizational restructuring marks a meaningful consolidation at the top. Nick Akins, Spence’s predecessor as chairman, has shifted to the role of lead independent director, a position typically focused on oversight and governance rather than day-to-day operations. This transition reflects a strategic shift toward more centralized executive authority.

Cascade Of Senior Management Changes

The appointment of Spence to the chairmanship triggered a series of promotions and role transitions throughout Fifth Third’s leadership ranks. Jamie Leonard, the bank’s chief financial officer, has been promoted to chief operating officer (COO), a role that places him in charge of the bank’s most critical customer-facing divisions and workforce. Leonard brings substantial institutional knowledge from his nearly 25 years at Fifth Third, during which he has held roles including chief risk officer and multiple finance leadership positions.

Financial And Treasury Leadership Updates

Bryan Preston, Fifth Third’s treasurer, has been elevated to chief financial officer, succeeding Leonard in that capacity. Preston’s nearly two-decade tenure at Fifth Third positions him well for expanded financial oversight responsibilities.

Brennen Willingham, who previously managed capital, liquidity, and corporate development functions, assumes the treasurer role vacated by Preston. Since 2007, Willingham has accumulated significant experience within Fifth Third’s Treasury operations, including directing capital and liquidity management initiatives and overseeing corporate development strategies.

The cascade of promotions reflects a deliberate succession planning approach, where each advancement opens opportunities for the next level of leadership to assume greater responsibility within the organization.