In advance of Fifth Third Bancorp’s annual meeting next month, plans have been announced for three board members to retire or step down including the non-executive chairman and former chief executive officer.
James Hackett, who has served two years as chair, announced March 6 plans to retire to pursue other full-time employment opportunities, according to a filing the bank made with the U.S. Securities and Exchange Commission. His retirement will be effective at the shareholders’ annual meeting, which is scheduled for April 19. Hackett has served as a Fifth Third director since 2001 and was elected chairman at the 2014 annual meeting, according to Fifth Third.
Also, former CEO and Vice Chair Kevin Kabat will retire in April as previously announced.
Additionally, Ulysses Bridgeman Jr. who joined the board in 2007, is not running for re-election next month, according to Fifth Third.
Plans are for the directors to vote to decrease the size of the board to 11 members so there are no vacancies, according to the Cincinnati-based bank.
Fifth Third is currently Ohio’s second largest bank by deposits held of more than $43 billion, according to the Federal Deposit Insurance Corp.