U.S. Bancorp said Shailesh M. Kotwal, vice chair of Payment Services, has informed the company of his intention to retire in the first half of 2025 2025, according to Item 5.02.

1. 01

   U.S. Bancorp said Shailesh M. Kotwal, vice chair of Payment Services, has informed the company of his intention to retire in the first half of 2025 2025, according to Item 5.02.

2. 02

   The company said Kotwal, who is 60, will remain in his role for several months and that a search for new Payment Services leadership will begin immediately. It said he will work with the company to ensure a smooth transition for employees, clients and partners.

3. 03

   The company said Kotwal has led Payment Services at U.S. Bancorp since 2015 and has played a key role on the Board of Directors of Elavon Financial Services in Europe. It said his international financial services career spanned 35 years.

4. 04

   The company said the press release dated August 21 cited comments from Andy Cecere, chairman and CEO, and Gunjan Kedia, president, on Kotwal's leadership. The same release said the company had more than 70,000 employees and $680 billion in assets as of June 30, 2024.

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