CINCINNATI — February 2, 2026
Executive Summary
Fifth Third Bancorp (Nasdaq: FITB) has announced the appointment of three new members to its Board of Directors, naming Derek J. Kerr, Barbara R. Smith, and Michael G. Van de Ven, effective February 1, 2026. According to the company, the appointments expand the Board to 16 directors and reflect Fifth Third’s continued focus on strengthening governance, industry expertise, and leadership depth as it advances its strategic priorities. Each new director brings extensive experience across finance, operations, risk management, and corporate leadership, with backgrounds spanning aviation, industrial manufacturing, consumer services, and financial oversight. Fifth Third stated that the additions are intended to support the bank’s long-term growth, risk management framework, and commitment to serving customers, communities, and shareholders across its national footprint.
Announcement Overview
Fifth Third Bancorp announced that its Board of Directors will expand with the addition of three new directors: Derek J. Kerr, Barbara R. Smith, and Michael G. Van de Ven. The appointments will take effect on February 1, 2026, increasing the size of the Board to 16 members.
According to the company, the new directors were selected based on their extensive leadership experience, financial expertise, and governance backgrounds. Each appointee has held senior executive roles at large, complex organizations and brings experience across areas such as corporate finance, operations, audit, risk management, and strategic oversight.
Fifth Third stated that the appointments are aligned with its ongoing efforts to enhance Board composition and ensure a breadth of perspectives to guide the organization as it continues to execute its strategic initiatives. The company emphasized that the new directors’ combined experience across multiple industries is expected to contribute to effective oversight and informed decision-making at the Board level.
Key Appointment Details
- Announcement type: Board of Directors appointments
- Effective date: February 1, 2026
- New directors appointed: Derek J. Kerr, Barbara R. Smith, Michael G. Van de Ven
- Board size following appointments: 16 directors
- Company: Fifth Third Bancorp
- Exchange: NASDAQ Global Select Market
- Ticker symbol: FITB
Strategic Context
According to the company, Fifth Third continues to prioritize strong corporate governance and Board oversight as part of its long-term strategy. The bank operates in a complex regulatory and competitive environment, requiring deep expertise in financial management, risk oversight, technology, and operational execution.
The company stated that the addition of directors with experience across aviation, industrial manufacturing, and large-scale financial operations supports its focus on maintaining a balanced and skills-diverse Board. Fifth Third emphasized that governance effectiveness and leadership experience are critical as the organization advances initiatives related to innovation, customer experience, and operational resilience.
The appointments also follow a broader industry trend of financial institutions enhancing Board expertise in areas such as audit, technology, risk, and human capital. Fifth Third indicated that these appointments are designed to ensure the Board remains well-positioned to oversee the bank’s strategic priorities and regulatory obligations.
Leadership Statement
“We’re pleased to welcome Derek, Barbara and Mike to our Board,” said Tim Spence, chairman, CEO and president of Fifth Third. “Each Director brings a distinctive combination of leadership and industry experience that will be an invaluable asset. Their perspectives, insight and experience will help guide the new Fifth Third as we continue to deliver innovative solutions for our customers and communities.”
Derek J. Kerr: Background and Experience
Derek J. Kerr brings nearly four decades of experience in accounting, finance, and corporate governance, with a career largely centered in the aviation and airline industry. According to Fifth Third, Kerr’s background includes extensive exposure to complex financial operations, global risk management, and large-scale corporate finance functions.
Most recently, Kerr served as Vice Chair of American Airlines Group and President of American Eagle. Prior to that role, he served as Chief Financial Officer of American Airlines, Inc., where he oversaw a broad range of corporate functions. These responsibilities included global corporate risk management, corporate development, treasury, accounting, financial planning, labor and fleet analysis, tax, strategic planning, investor relations, and purchasing.
Earlier in his career, Kerr held the role of Chief Financial Officer at both US Airways and America West Airlines. In these positions, he was involved in managing financial operations across periods of industry transformation, consolidation, and regulatory change.
According to the company, Kerr’s governance experience extends beyond his executive roles. He has served on Comerica’s Board of Directors since 2023 and currently serves as a board member for AECOM and Standard Aero. Fifth Third stated that Kerr will serve on the Bancorp’s Audit Committee and Technology Committee, where his financial and operational expertise is expected to support oversight of financial reporting, internal controls, and technology-related initiatives.
Barbara R. Smith: Background and Experience
Barbara R. Smith brings executive leadership and financial expertise developed through decades of experience in industrial manufacturing and public company management. According to Fifth Third, Smith’s background includes senior leadership roles at Fortune 500 companies and extensive experience overseeing large, complex organizations.
Smith most recently served as Chairman, President, and Chief Executive Officer of Commercial Metals Company (CMC), a Fortune 500 metals company, from September 2017 until her retirement in 2023. Following her retirement, she continued to serve as Executive Chairman of the Board of CMC for one year, supporting leadership transition and governance continuity.
Smith joined CMC in 2011 as Chief Financial Officer and was promoted to Chief Operating Officer in 2016. She was appointed Chief Executive Officer in 2017, a role in which she oversaw the company’s strategic direction, operational performance, and financial management.
Earlier in her career, Smith served as Chief Financial Officer for Gerdau Ameristeel and FARO Technologies. She also held a variety of leadership positions at Alcoa, Inc., contributing experience across finance, operations, and corporate leadership.
According to the company, Smith has an extensive background in Board service. She has served on Comerica’s Board of Directors since 2017, including in the role of Independent Facilitating Director. She currently serves as a board member for D.R. Horton. Fifth Third stated that Smith will serve on the Bancorp’s Audit Committee and Human Capital and Compensation Committee, bringing experience in financial oversight, executive compensation, and organizational leadership.
Michael G. Van de Ven: Background and Experience
Michael G. Van de Ven brings a career spanning more than three decades in operations, financial planning, and risk management, with a strong background in the airline industry. According to Fifth Third, Van de Ven’s experience includes senior executive leadership roles and deep familiarity with operational oversight and financial controls.
Since January 2023, Van de Ven has served as an Executive Advisor at Southwest Airlines Co. Prior to this role, he served as President and Chief Operating Officer, where he was responsible for overseeing day-to-day operations and strategic execution.
Van de Ven spent more than 30 years at Southwest Airlines, holding a wide range of roles with increasing responsibility. His experience includes leadership positions in financial planning and analysis, fleet planning, aircraft operations, and schedule planning. According to the company, this breadth of experience provides a strong foundation in operational execution and financial discipline.
Earlier in his career, Van de Ven served as a senior audit manager at Ernst & Young LLP and is a licensed Certified Public Accountant. Fifth Third noted that his professional background supports strong oversight of financial reporting, internal controls, and risk management.
Van de Ven has also served in governance roles outside Fifth Third. He has been a member of Comerica’s Board of Directors since 2016, including serving as chair of the Governance, Compensation, and Nominating Committee. In April 2025, he joined the Board of Directors of Keurig Dr Pepper and currently chairs its Audit and Finance Committee.
According to Fifth Third, Van de Ven will serve on the Bancorp’s Risk and Compliance Committee and the Nominating and Corporate Governance Committee, supporting oversight of regulatory compliance, enterprise risk management, and Board governance practices.
Board Composition and Committee Assignments
With the appointment of Kerr, Smith, and Van de Ven, Fifth Third’s Board of Directors will expand to 16 members. According to the company, the committee assignments for the new directors reflect their professional expertise and governance experience.
Kerr will serve on the Audit Committee and Technology Committee, supporting oversight of financial reporting, internal controls, and technology strategy. Smith will serve on the Audit Committee and Human Capital and Compensation Committee, contributing expertise in executive leadership, compensation structures, and organizational oversight. Van de Ven will serve on the Risk and Compliance Committee and the Nominating and Corporate Governance Committee, supporting oversight of enterprise risk management, regulatory compliance, and Board governance.
Fifth Third stated that committee assignments are designed to align director experience with key oversight responsibilities and support effective governance across the organization.
Corporate Governance and Oversight
According to Fifth Third, strong corporate governance remains a foundational priority for the organization. The bank operates in a highly regulated environment that requires robust oversight of financial reporting, risk management, and compliance.
The company stated that the addition of directors with experience in finance, operations, and governance strengthens its ability to oversee these areas effectively. Fifth Third emphasized that a diverse mix of skills and perspectives at the Board level supports informed decision-making and long-term value creation.
The appointments also reflect Fifth Third’s approach to Board refreshment and succession planning. According to the company, regularly evaluating Board composition helps ensure that directors possess relevant experience as the organization’s strategy and operating environment evolve.
About Fifth Third
Fifth Third is a financial institution with a history dating back to 1858. The company provides banking and financial services to individuals, families, businesses, and communities across its footprint. Fifth Third stated that its operations combine innovation, technology-driven solutions, and community-focused service.
The company has been recognized among Ethisphere’s World’s Most Ethical Companies® for several years. According to Fifth Third, its business strategy emphasizes taking care of customers, employees, communities, and shareholders while pursuing performance and trust.
Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock trades on the NASDAQ Global Select Market under the symbol FITB. Investor information and company press releases are available through the company’s corporate website. Deposit and credit products are provided by Fifth Third Bank, National Association, which is a Member FDIC.
Forward-Looking Statements
Information contained in this communication, other than statements of historical fact, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include, but are not limited to, statements related to expected benefits, future performance, or strategic outcomes.
Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such factors include, among others, risks related to business execution, regulatory compliance, integration activities, and broader economic conditions.
Additional information regarding factors that may affect Fifth Third’s future results is included in the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Fifth Third disclaims any obligation to update or revise forward-looking statements, except as required by federal securities laws.
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Source Attribution
Source: Company announcement
