U.S. Bancorp (NYSE:USB) Announces Appointment of Gunjan Kedia as President and Chief Executive Officer

U.S. Bancorp, a prominent financial institution, has disclosed in an 8-K filing with the Securities and Exchange Commission the appointment of Gunjan Kedia as the President and Chief Executive Officer, effective April 15, 2025. The decision was made during a meeting held on January 28, 2025, by the Board of Directors of U.S. Bancorp.

Gunjan Kedia, aged 54, has a rich background in financial services and has been serving as the President of U.S. Bancorp and U.S. Bank since May 2024. She will be succeeding Andrew Cecere, who will transition to the role of Executive Chairman upon Kedia assuming her new position. Cecere, who has been with the company since 1985, has been Chief Executive Officer since April 2017 and Chairman since April 2018.

The specifics of Kedia’s compensation package, including her base salary and target annual cash incentive award, are yet to be finalized. However, she is set to receive an annual long-term incentive award valued at $10 million, to be granted in the form of performance-based restricted stock units and restricted stock units, a substantial part of it being linked to the company’s performance metrics.

During the year 2024, U.S. Bancorp engaged in business transactions with Gunjan Kedia and certain members of her family in the ordinary course of business. The transactions were noted to have been conducted on similar terms to those for non-related parties and did not pose any unusual risks.

Further details on U.S. Bancorp’s executive compensation structure and financial metrics can be found in its 2024 proxy statement. The specifics of the compensation package for Andrew Cecere in his new role have not been determined at this time.

Additionally, the official press release by U.S. Bancorp regarding the executive management changes can be accessed as Exhibit 99.1 in the filed 8-K report. The company is looking forward to the successful leadership transition and the continued growth under Gunjan Kedia’s guidance and Andrew Cecere’s support in the role of Executive Chairman.

This strategic move aligns with U.S. Bancorp’s commitment to orderly succession planning, promising a smooth transition of leadership and maintaining the company’s trajectory towards a prosperous future built on its strong foundation of values and integrity.

The scheduled transition plan is expected to come into effect on April 15, 2025, with both Kedia and Cecere collaborating closely over the next three months to ensure a seamless handover.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read U.S. Bancorp’s 8K filing here.

About U.S. Bancorp

U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.