U.S. Bancorp's Shailesh Kotwal to Retire from Payment Services Role in First Half of 2025

U.S. Bancorp announced on 21 August 2024 that Shailesh Kotwal, Vice Chair of Payment Services, intends to retire in the first half of 2025, closing out nearly a decade of leadership in payments at the Minneapolis-based banking group. The announcement, made in a press release and an 8-K filing, confirmed that a search for new Payment Services leadership had begun immediately following the disclosure.

Kotwal is 60. The bank said the search for his successor would begin without delay.

THE PAYMENT SERVICES DIVISION

U.S. Bank's Payment Services division provides digital- and card-based payments and money movement capabilities to consumers, businesses and institutions in the United States and Europe.

The bank did not specify a formal end date for Kotwal's tenure beyond the first-half 2025 window.

SEARCH FOR SUCCESSOR BEGINS IMMEDIATELY

U.S. Bancorp did not provide details on the process or a timeline for a final appointment.

Chairman and CEO Andy Cecere said: "For nearly a decade, Shailesh has been a forward-looking champion of payments and money movement." Kotwal will remain in his role for several months to ensure a smooth transition for employees, clients and partners.