CINCINNATI (AFX) - Financial services company Fifth Third Bancorp, which operates banks by the same name in the Midwest and Florida, said Tuesday it named Chief Executive George A. Schaefer Jr., 61, to the additional post of chairman.
The position has been vacant since 1993, when Clement L. Buenger retired.
The company also named Kevin T. Kabat, 49, to replace Schaefer as president.
Kabat has served as executive vice president of Fifth Third since December 2003, and has led retail and affiliate banking since August 2004, the company said. Kabat will continue to oversee Fifth Third's 19 affiliates, corporate marketing and the consumer bank, which includes the retail, small business, mortgage and consumer lending divisions.
In addition, Fifth Third raised its dividend to 40 cents for the second quarter from 38 cents. The dividend is payable July 20 to shareholders of record on June 30.
'While we believe earnings remain below our potential, this quarter's dividend increase reflects our confidence in an improving outlook,' Schaefer said in a statement.
Shares of Fifth Third rose 15 cents to close earlier at $37.26 on the Nasdaq.
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