Fifth Third Bancorp is selling more than $300 million worth of its Vantiv Inc. stock and will relinquish some of its control of the company. Fifth Third's reduced ownership stake in Vantiv means it will lose one of its two seats on Vantiv's board once the offering is completed. Vantiv plans to cut its board from 12 members to 11 when that happens. It expects one of Fifth Third's two board members to resign. Fifth Third COO Lars Anderson and Fifth Third CFO Tayfun Tuzun are members of Vantiv's board. Anderson joined Vantiv's board last year, shortly after joining Fifth Third. Tuzun also joined Vantiv's board last year. He's been Fifth Third's CFO for three years and joined the company in 2007.