Dive Brief:
- Susan Zaunbrecher, Fifth Third’s head of legal, government, and regulatory affairs, will retire, the bank said Wednesday, as it announced several other executive changes.
- Christian Gonzalez will join the lender as executive vice president and chief legal officer, effective July 7.
- Kevin Lavender, head of Fifth Third’s commercial bank, will become its vice chair effective July 14, the bank said in a Securities and Exchange Commission filing Wednesday. Kevin Khanna, who is head of corporate and investment banking, will replace him and take up the role effective immediately, a spokesperson for the bank confirmed.
Dive Insight:
Fifth Third’s latest executive shuffle highlights the lender’s commitment to growth and innovation amid a dynamic regulatory environment, the bank’s CEO, Tim Spence, noted.
Spence acknowledged Zaunbrecher’s efforts, saying her commitment to excellence has made the lender “a stronger and more resilient company.”
Gonzalez, meanwhile, will join the Cincinnati-based lender from Dinsmore & Shohl, where he has worked for nearly 15 years and was most recently the chair of the corporate department.
Gonzalez covered the impact of Dodd-Frank Act regulations on Dinsmore’s financial-sector clients. Prior to joining the law firm, Gonzalez served as the general counsel for depository institutions at the Ohio Division of Financial Institutions, where he handled various regulatory and corporate matters related to state-chartered financial institutions, according to his LinkedIn profile.
“[Gonzalez’s] deep legal expertise and proven track record advising institutions of all sizes, from community banks to multibillion-dollar organizations, will be invaluable as we continue to grow and navigate an increasingly dynamic regulatory environment,” Spence said.
Khanna, meanwhile, joined Fifth Third in 2015 to create and co-lead the tech, media and telecom group. He later added the diversified industries West Coast practice under his wings.
“Kevin has been dedicated to providing a collaborative approach to corporate client solutions for more than 20 years,” according to the company.
Before joining Fifth Third, Khanna was the managing director and headed part of the communications, media and entertainment group at CIT, where he worked for 10 years. He also worked in the commercial banking practices at GE, Donaldson, Lufkin & Jenrette and JPMorgan Chase, his LinkedIn profile said.
Fifth Third’s commercial banking revenue decreased $29 million, or 27%, compared to the prior quarter. Decreases in syndication fees and remarketing primarily drove the decline, according to its first quarter earnings report.
The lender’s commercial banking revenue decreased by $5 million, or 6%, compared to the year-ago quarter, primarily due to a continued decline in operating lease revenue, which was partially offset by increases in lease syndication and remarketing.
Wednesday’s changes follow other shuffles in Fifth Third’s executive ranks this year. In April, the lender appointed a longtime M&T executive, Darren Kingas head of regional banking. He succeeded Kris Garrett, who retired at the end of June. In February, the Cincinnati lender appointed Mike Powell – who also oversaw mergers and acquisitions, securities and wealth and asset management – as corporate secretary.
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