In accordance with the previously reported plan of succession announced by Fifth Third Bancorp's Board of Directors, Timothy N. Spence will become the new Chief Executive Officer of Fifth Third Bancorp and Fifth Third Bank, National Association effective July 5, 2022. Mr. Spence currently serves as President of Fifth Third Bancorp and Executive Vice President of Fifth Third Bank, National Association. Mr. Spence will succeed Greg D. Carmichael as Chief Executive Officer.

Upon his retirement as Chief Executive Officer effective July 5, 2022, Mr. Carmichael will become the Executive Chairman of the Boards of Directors of Fifth Third Bancorp and Fifth Third Bank, National Association. Additionally, on June 13, 2022, Mr. Spence was elected as a Director of Fifth Third Bancorp and Fifth Third Bank, National Association effective July 5, 2022. These Boards have not yet determined any committees to which Mr. Spence would be appointed.

Mr. Spence has served as President of Fifth Third Bancorp since October 2020. Previously, Mr. Spence was Executive Vice President and Head of Consumer Bank, Payments, and Strategy of the Bancorp from August 2018 to October 2020, Head of Payments, Strategy and Digital Solutions from 2017 to 2020, and Chief Strategy Officer of the Bancorp from September 2015 to October 2020. He also previously served as a senior partner in the Financial Services practice at Oliver Wyman since 2006, a global strategy and risk management consulting firm.