Schaefer to step down as Fifth Third CEO |
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Wed, 17 Jan 2007 00:04
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CINCINNATI (AFX) - George Schaefer Jr. will give up his title as chief executive at Fifth Third Bancorp as the financial services company struggles to boost profits after a series of acquisitions, Fifth Third said Tuesday.Schaefer, 61, will continue as chairman of the board of directors and the board's executive committee in a non-executive capacity, the Cincinnati-based company said in a statement from its board of directors.Fifth Third President Kevin Kabat, 49, will become the new chief executive at the shareholders meeting on April 17, the statement said.Schaefer has served as CEO of the $105.8 billion company -- a regional banking power -- since January 1991.Fifth Third's stock peaked at $69.70 in 2002. But profit growth lagged after a series of acquisitions and expansion, and the company has been hurt by problems with its internal accounting procedures, analysts have said.The announcement was made after the stock market closed Tuesday. Fifth Third shares rose 32 cents to $40.35 on the Nasdaq Stock Market.The banking company is to report its fourth-quarter and full-year earnings on Thursday.Kabat was named president of the company in June. He previously served as executive vice president, where he led both retail and affiliate banking since August 2004.Fifth Third Bancorp is a diversified financial services company that operates 19 affiliates with 1,155 banking centers and 2,099 Jeanie ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Fifth Third Bancorp names Kabat as CEO 