A bank with a large regional presence has elected the recently retired CEO of Steelcase the non-executive chairman of its board.
Cincinnati-based Fifth Third Bancorp said yesterday that its board of directors has elected James Hackett, who had been serving as the lead director of the board, to take over the non-executive chairman role from William Isaac, a former chairman of the Federal Deposit Insurance Corp., who is retiring.
The Fifth Third board also elected Marsha C. Williams, retired senior vice president and chief financial officer for Orbitz Worldwide, as the lead director of the board to replace Hackett.
“We are excited to expand both Jim and Marsha’s roles on the board,” said Kevin T. Kabat, vice chairman and CEO of Fifth Third Bancorp.
Hendrik Meijer, co-chairman, director and CEO of Meijer in Grand Rapids, was also re-elected to the board, along with several other re-elections that took place.
The Fifth Third elections occurred at the board of directors meeting, following the bank’s annual meeting.
Hackett has served on the Fifth Third board for 13 years, having joined the board in 2001. He had served as lead director since 2008.
Hackett has also served on the Steelcase board of directors since 1994, serving now as vice chair, and on the Ford Motor Co. board of directors since 2013.
Hackett retired from his position as CEO of Steelcase in February.
He was in charge of overseeing all domestic and international operations of the office furniture maker in Grand Rapids for more than 19 years.
Fifth Third Bancorp has $130 billion in assets and operates 17 affiliates with 1,320 full-service banking centers.
It is among the largest money managers in the Midwest and, as of Dec. 31, 2013, had $302 billion in assets under care, managing $27 billion for people, corporations and nonprofits.