The company said on May 3, 2024 it promoted Gunjan Kedia, 53, to President of U.S. Bancorp and U.S. Bank National Association, its principal banking subsidiary, effective immediately. Andrew Cecere is Chairman and Chief Executive Officer and had also previously served as President.

1. 01

   The company said on May 3, 2024 it promoted Gunjan Kedia, 53, to President of U.S. Bancorp and U.S. Bank National Association, its principal banking subsidiary, effective immediately. Andrew Cecere is Chairman and Chief Executive Officer and had also previously served as President.

2. 02

   The company said Kedia had served as Vice Chair, Wealth, Corporate, Commercial & Institutional Banking since June 2023, and before that as Vice Chair, Wealth Management and Investment Services from December 2016 to June 2023. Kedia will continue to report to Andrew Cecere.

3. 03

   The company said Kedia's base salary will increase to an annualized $1,000,000, effective May 5, 2024. Her annual cash incentive target under the Annual Executive Incentive Plan will be 250% of her base salary.

4. 04

   The company said Kedia will receive a long-term incentive award valued at $1,500,000 as of the grant date of May 6, 2024. The award will be granted 60% as performance-based restricted stock units and 40% as restricted stock units under the U.S. Bancorp 2024 Stock Incentive Plan.

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Original filing

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