People on the Move: Timothy Spence, Fifth Third Bancorp
Fifth Third Bancorp has named Timothy Spence executive vice president and chief strategy officer. He will oversee all aspects of strategic planning, including mergers and acquisitions, and he will report to Greg D. Carmichael, president of Fifth Third Bancorp and slated to become CEO Nov. 1. Spence joins Fifth Third from Oliver Wyman, where he was a senior partner in the retail and business banking practice, providing advice on strategy, innovation and performance improvement to executives at the world’s largest financial institutions. His background also includes consulting in the wholesale banking, wealth management and payments businesses. Spence replaces Dan Poston, who joined Vantiv Inc., as executive vice president, strategic client relations. In his new role at Vantiv, of which Fifth Third is a significant customer, Poston will manage the relationship with the bank, among other duties.
