Fifth Third Bancorp announces leadership changes, new chief legal officer

CINCINNATI - Fifth Third Bancorp (NASDAQ:FITB), a $27.15 billion market cap financial institution with a GOOD financial health score according to InvestingPro, announced several executive leadership changes on Wednesday, including the appointment of Christian Gonzalez as executive vice president and chief legal officer, effective July 7.

Gonzalez will succeed Susan Zaunbrecher, who is retiring after leading the bank’s Legal, Government Affairs and Regulatory Affairs departments since 2018. He joins Fifth Third after 15 years at Dinsmore & Shohl LLP, where he most recently served as an executive board member and corporate department chair.

The bank also announced that Kevin Lavender, currently head of the Commercial Bank, will become vice chair of the Commercial Bank. Kevin Khanna, currently head of corporate & investment banking, will be promoted to head of the Commercial Bank.

Additionally, Khanna and Bridgit Chayt, head of commercial payments, will join Fifth Third’s Enterprise management team, the bank’s senior-most governing body. Lavender will remain on this team.

"Susan’s foresight, judgment and commitment to excellence have made us a stronger and more resilient company," said Tim Spence, chairman, CEO and president of Fifth Third, according to the press release statement.

Fifth Third Bancorp, headquartered in Cincinnati, operates as a federally chartered institution. The bank, established in 1858, provides financial services to individuals, families, businesses and communities. With a 51-year track record of consistent dividend payments and a current dividend yield of 3.65%, the bank demonstrates strong financial stability. Discover more detailed insights and metrics with InvestingPro’s comprehensive research report, available for over 1,400 US stocks.

In other recent news, Fifth Third Bancorp has announced a new share repurchase authorization for up to 100 million shares, replacing its previous 2019 program. This buyback initiative does not have an expiration date and can be executed through various market transactions. Analysts have shown confidence in Fifth Third Bancorp’s prospects, with DA Davidson upgrading the stock from Neutral to Buy and raising the price target to $47.00. Jefferies also initiated coverage with a Buy rating and set a price target of $47.00, citing growth prospects in loans and net interest income. Meanwhile, BofA Securities reiterated its Buy rating, maintaining a $44.00 price target, highlighting the bank’s strategic focus on enhancing shareholder returns. Keefe, Bruyette & Woods maintained a Market Perform rating with a $42.00 price target, noting the bank’s commitment to its strategic initiatives and positive outlook from management. Fifth Third’s strategic expansion in the Southeast and diversified fee income businesses are seen as key factors in its growth strategy. The bank’s management has expressed confidence in achieving financial guidance and improving loan growth, despite challenges in asset quality.

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