At a meeting on January 28, 2025, U.S. Bancorp's Board elected Gunjan Kedia, 54, as President and Chief Executive Officer of U.S. Bancorp and U.S. Bank National Association, effective April 15, 2025.

1. 01

   At a meeting on January 28, 2025, U.S. Bancorp's Board elected Gunjan Kedia, 54, as President and Chief Executive Officer of U.S. Bancorp and U.S. Bank National Association, effective April 15, 2025.

2. 02

   U.S. Bancorp said Andrew Cecere, currently Chairman and Chief Executive Officer, will remain on the Board as Executive Chairman from April 15, 2025. The company said Cecere has served as CEO since April 2017 and as Chairman since April 2018.

3. 03

   The company said Kedia has served as President since May 2024 and was Vice Chair, Wealth Management and Investment Services from December 2016 to June 2023. It said Kedia was also elected to the Board with immediate effect and is serving on the Executive Committee.

4. 04

   U.S. Bancorp said Kedia will receive an annual long-term incentive award valued at $10 million as of the grant date of February 27, 2025. It said 60% of the award will be granted as performance-based restricted stock units and 40% as restricted stock units. The company said her base salary and target annual cash incentive have not yet been determined.

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