Fifth Third Helps Grow Supplier Diversity Ecosystem Through 8th Annual Supplier Diversity Summit
06 Agosto 2024 - 2:49PM
Business Wire
For the past eight years, Fifth Third has brought together
diverse-owned businesses and suppliers with representatives of some
of the world’s largest corporations at its annual Supplier
Diversity Summit, held each August at the bank’s corporate
headquarters in Cincinnati, Ohio.
The annual event connects diverse-owned businesses and suppliers
from across the country with leaders from Fifth Third and other
Fortune 500 companies, and it helps diverse business owners gain
perspectives from each other and network with other corporate
partners.
“Supplier diversity is a strategic imperative at Fifth Third,”
said Fifth Third Chief Corporate Responsibility Officer Kala
Gibson. “We believe that a robust, inclusive and competitive supply
chain is good for our businesses, our customers, our communities
and our employees. Growing the supplier diversity ecosystem is
vital to an inclusive and sustainable economy and has positive
ripple effects across the communities we serve.”
On Tuesday, Fifth Third’s eighth annual Supplier Diversity
Summit drew about 200 attendees for a day of panel discussions,
breakout sessions, awards, and a pitch competition for the chance
to win $5,300. Attendees included Fifth Third leadership and
representatives of more than 130 companies from across 15
states.
“As a minority supplier who serves Fifth Third Bank throughout
multiple regions, we are always excited to meet with Fifth Third’s
leadership at this centralized event. The annual diversity summit
allows us to speak one-on-one with these individuals and learn
where the bank is headed,” said Andrés Alvarado, vice president of
business development and marketing for Marand Builders,
headquartered in Charlotte, North Carolina. “Fifth Third’s
executive leadership attend the summit in person, which shows their
commitment to supplier diversity. The value of this event is in the
opportunity. Whether it is re-kindling existing relationships, or
fostering new, the room is full of opportunity.”
Speakers at the summit included Gibson, Fifth Third Chief
Marketing & Communications Officer Melissa Stevens, Fifth Third
Director of Supplier Diversity Carla Cobb, Cincinnati Vice Mayor
Jan Michele Kearney, and Janice Bryant Howroyd, founder and owner
of The ActOne Group.
“The summit provides an incredible platform to network, create
awareness of our services and advance our mission of connecting
people with opportunity,” said Nina Vaca, Founder, Chairman &
CEO of the Pinnacle Group, headquartered in Dallas, Texas. “At
Pinnacle Group, we believe that strong supplier diversity drives
innovation and growth. We are committed to helping customers
empower diverse businesses, because when they thrive, we build a
more equitable and prosperous community for all.”
Fifth Third’s supplier diversity program began in 2014 to
encourage small diverse businesses (certified as owned by
minorities, women, veterans, people with disabilities and LGBTQ+
people) to compete for contracting opportunities with the bank.
A decade ago, Fifth Third’s spend with diverse suppliers was
less than 1%. Today, the bank’s spend with diverse suppliers is
11.2%. In 2023, Fifth Third spent $189.2 million with diverse
suppliers across the Tier 1 and Tier 2 categories. Its program was
also named “Best of the Decade” by Minority and Multicultural
Business News last year.
Tier 1 spending includes work with suppliers who provide
products and services directly and receive payment directly from
Fifth Third. Tier 2 spending includes suppliers who provide
products and services to Fifth Third and receive payment from a
Tier 1 supplier.
“Our annual Supplier Diversity Summit supports diverse suppliers
by providing education and training on how to conduct business with
us and making connections with other companies,” Cobb said. “We are
proud to continue our longstanding tradition of leadership in
supply chain diversity and inclusion.”
In March, Cobb was named one of Procurement Magazine’s Top 10
Supplier Diversity Leaders influencing and shaping the procurement
and supply chain industry. Fifth Third was also named among
America’s Top Corporations for Women’s Business Enterprises in 2023
by the Women’s Business Enterprise National Council (WBENC).
The summit also included a Fifth Third Product & Innovation
Showcase with information about how the bank is differentiating the
customer experience; building its capabilities and adopting new
tools to better support its customers and communities; and key
community initiatives such as the Empowering Black Futures
Neighborhood Program and how Fifth Third is tackling the affordable
housing crisis.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on
history. Since 1858, we’ve been helping individuals, families,
businesses and communities grow through smart financial services
that improve lives. Our list of firsts is extensive, and it’s one
that continues to expand as we explore the intersection of
tech-driven innovation, dedicated people and focused community
impact. Fifth Third is one of the few U.S.-based banks to have been
named among Ethisphere’s World’s Most Ethical Companies® for
several years. With a commitment to taking care of our customers,
employees, communities and shareholders, our goal is not only to be
the nation’s highest performing regional bank, but to be the bank
people most value 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 is traded on the NASDAQ®
Global Select Market under the symbol "FITB." Investor information
and press releases can be viewed at www.53.com. Deposit and credit
products provided by Fifth Third Bank, National Association. Member
FDIC.
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Amanda Nageleisen (Media Relations) amanda.nageleisen@53.com
Matt Curoe (Investor Relations) matt.curoe@53.com |
513-534-2345
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