U.S. Bancorp announced on 28 January 2026 that its chief executive officer, Gunjan Kedia, would become chairman of the board of directors effective immediately following the company's annual meeting of shareholders in April 2026, scheduled for 21 April.
Kedia succeeds Andy Cecere, the company's executive chairman, who is retiring from the board. Cecere has more than 40 years of experience in financial services. He became chief executive of U.S. Bancorp in April 2017 and chairman in April 2018, and held both roles until Kedia succeeded him as CEO in April 2025. The appointment therefore reunites the two roles in a single executive.
Roland Hernandez will continue to serve as lead independent director. “Gunjan is a remarkable leader who is well-respected by the Board, her team and our stakeholders for her strategic acumen, client focus and ability to drive business performance,” Hernandez said.
CEO AND CHAIR ROLES AT US G-SIBS
With the move, U.S. Bancorp joined all eight US-based global systemically important banks, which combine the chief executive and board chair roles. Among the most recent to do so, Morgan Stanley's Ted Pick became chairman on 1 January 2025 and BNY's Robin Vince on 1 September 2025, while Wells Fargo and Citi announced in July and October 2025 respectively that Charlie Scharf and Jane Fraser would take on the chair roles. U.S. Bancorp, with $692 billion in assets at 31 December 2025, is not itself a G-SIB.
KEDIA'S BACKGROUND
Kedia, 55, joined U.S. Bancorp in 2016 and previously led its wealth, corporate, commercial and institutional banking businesses. She has more than 30 years of financial services experience, including roles at State Street, BNY, McKinsey and PwC. The Minneapolis-based company has around 70,000 employees.