Fifth Third Bancorp announced recently that it is promoting Phillip McHugh to become the bank’s new head of its consumer bank, which includes retail banking, mortgage, auto lending, business banking, collections and credit centers.
Previously, McHugh was executive vice president and head of Fifth Third Wealth and Asset Management.
McHugh is replacing Chad Borton, who is leaving Fifth Third to become president of USAA Federal Savings Bank, the bank said.
“I am confident that Phil McHugh will ably lead our consumer bank,” Greg Carmichael, Fifth Third’s president and chief executive officer, said.
“Our deep bench of talented executives ensured that we had a strong successor to maintain our positive momentum,” Carmichael said. “While we are sorry to see Chad go, his new role at USAA fulfills a dream of leading an organization dedicated to serving the needs of military personnel, veterans and their families.”
As Fifth Third notes in its release, Borton served as an active-duty U.S. Army officer before embarking on a career in the banking business.
Now, McHugh is taking over the company’s consumer bank.
McHugh joined Fifth Third in 1986. Prior to taking over the bank’s Wealth and Asset Management division, McHugh served as president of Fifth Third’s Louisville region and in a variety of commercial and trust roles.
“I am excited to take on this new role,” McHugh said. “I have a passion for serving our retail customers and coordinating efforts with our other lines of business to offer a comprehensive array of solutions.”
Replacing McHugh as head of Fifth Third’s Wealth and Asset Management division is Ralph (Mike) Michael, who currently serves as executive vice president and regional president.
Michael joined Fifth Third in 2010 as president of Fifth Third Bank (Cincinnati) before subsequently assuming responsibility over the regional presidents who manage geographic markets across the bank’s footprint.
“Mike has the right background to lead our Wealth and Asset Management business,” Carmichael said. We are pleased that he will leverage his considerable operational strengths in a business that is increasingly important to us.”