U.S. Bancorp Restructures Leadership with CFO John Stern Reporting Directly to CEO Andy Cecere

U.S. Bancorp announced a restructuring of its senior leadership on 30 October 2024, with Chief Financial Officer John Stern to report directly to Chairman and Chief Executive Officer Andy Cecere, effective immediately. The Minneapolis-based financial institution disclosed the changes in a press release published on its investor relations website, with Cecere saying that an important part of achieving the company's goals is "ensuring we have a strong, aligned leadership team setting our strategy and helping us grow".

Stern, 46, was appointed CFO in 2023; he previously served as president of the company's global corporate trust and custody business and, before that, as corporate treasurer for nearly eight years.

KEDIA TO HEAD NEW PAYMENTS STRUCTURE

Gunjan Kedia was named to oversee a new payments and money movement leadership structure.

Under the plan, Payment Services will be reorganised into two divisions reporting to Kedia, the company's President: Payments: Merchant and Institutional, to be led from early January by Chief Transformation Officer Mark Runkel and comprising Merchant Payment Services, Corporate Payment and Treasury Solutions and Payments Europe; and Payments: Consumer and Small Business, whose leader the bank expected to recruit by the first half of 2025. Vice Chair Shailesh Kotwal is to retire in the first half of 2025, and Terry Dolan will take on Runkel's transformation responsibilities. Kedia, the company's President, previously led its wealth, corporate, commercial and institutional banking businesses.

BACKGROUND

The leadership adjustments came after U.S. Bancorp completed the integration of MUFG Union Bank, acquired in December 2022.

Cecere has led U.S. Bancorp as chief executive since 2017.