Timothy N. Spence has been the CEO of Fifth Third Bancorp and Fifth Third Bank since July 5, 2022. With a finance background and a degree from the University of Michigan, he has climbed the ranks in the banking world....
Timothy N. Spence has been the CEO of Fifth Third Bancorp and Fifth Third Bank since July 5, 2022. With a finance background and a degree from the University of Michigan, he has climbed the ranks in the banking world. Before becoming CEO, he played various crucial roles, including President and Head of Consumer Banking. His experience also includes time as a senior partner at Oliver Wyman, where he dealt with financial services. This mix of positions shows that he knows the banking industry well. In 2023, his total compensation was around $9.4 million, a significant jump from about $8.1 million in 2022, reflecting new responsibilities. It’s worth noting that in 2023, over $1.9 million came from stock that vested, indicating that he has a vested interest in the bank’s success. His stock holdings show he’s invested both personally and professionally. Spence’s leadership is crucial as Fifth Third navigates the changing financial landscape. He leads a large team and manages investments, guiding the bank’s strategy amid evolving market conditions.