CINCINNATI, OH – Fifth Third Bancorp (NASDAQ:FITB), a diversified financial services company, announced on Monday that Mark D. Hazel will retire from his role as Executive Vice President and Controller, effective October 6, 2024. Hazel's departure comes after a significant tenure with the company, contributing to its financial management and reporting.
Simultaneously, the board of directors has appointed two new executives to the senior leadership team. Sara (Sallie) M. Willingham will step into the role of Senior Vice President and Controller, and Jeffrey A. Lopper will assume the position of Senior Vice President and Chief Accounting Officer, also effective October 6, 2024. Lopper, who has been with Fifth Third Bank since 2000, will also serve as the company's principal accounting officer.
Lopper's career at Fifth Third Bank spans over two decades, during which he has held various critical accounting roles. Prior to his new appointment, Lopper served as the Assistant Controller since March 2012. His experience includes positions such as Director of External Reporting and Director of Accounting Risk and Policy. Before joining Fifth Third, Lopper was an audit manager at Arthur Andersen.
The company disclosed that there are no familial relationships between Lopper and any other directors or executive officers of the company. Furthermore, there are no material plans or arrangements in connection with Lopper's appointment, nor are there any transactions requiring disclosure under SEC regulations.
In other recent news, Fifth Third Bancorp has been the focus of several analyst firms. Keefe, Bruyette & Woods raised their price target to $41, maintaining a Market Perform rating, following the company's recent earnings report that revealed a core earnings per share (EPS) of $0.87, slightly surpassing estimates. RBC Capital Markets also increased Fifth Third Bancorp's price target to $43.00, retaining an Outperform rating, reflecting the bank's strong performance in the second quarter of 2024.
BofA Securities raised the bank's price target to $45.00, reiterating a Buy rating, based on the company's performance surpassing that of its peers. DA Davidson increased the shares target to $42.00, holding a Neutral stance, following the bank's announcement of a return to positive operating leverage in the fourth quarter of 2024.
In addition to these financial projections, Fifth Third Bancorp has been in the news for other reasons. The U.S. Consumer Financial Protection Bureau imposed a $20 million penalty on the bank for fraudulent practices. Amid concerns over potential defaults in the commercial real estate sector, Fifth Third Bancorp, like other U.S. regional banks, has increased provisions for credit losses. These recent developments highlight the dynamic nature of the financial sector and the various factors that can influence a company's performance.
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