UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
(b) On April 12, 2023, U.S. Bancorp (the “Company”) announced certain organizational changes, including that Terrance R. Dolan, Vice Chair and Chief Financial Officer, will assume expanded responsibilities by June 30, 2023, and is expected to become Vice Chair and Chief Administration Officer of the Company effective September 1, 2023. Mr. Dolan would cease to be the Company’s Chief Financial Officer on September 1, 2023.
(c) On April 12, 2023, the Company also announced that John C. Stern will be promoted to Head of Finance beginning May 1, 2023, and is expected to become the Company’s Chief Financial Officer effective September 1, 2023. Mr. Stern will report to Mr. Dolan in each of those roles. Mr. Stern, 44, has served as president of Global Corporate Trust and Custody within Wealth Management and Investment Services since May 2021. Previously, Mr. Stern served as the Company’s Corporate Treasurer from July 2013 to May 2021 and in various other roles in the Company’s Corporate Treasury group after joining the Company in 2000.
The terms of Mr. Stern’s compensation for his new position have not been determined at this time.
Mr. Stern, and certain members of his family, have engaged in lending and other ordinary banking transactions with the Company’s banking subsidiaries. All loans and loan commitments and any transactions involving other financial products and services in connection with these transactions were made in the ordinary course of business, on substantially the same terms, including current interest rates and collateral, as those prevailing at the time for comparable transactions with others not related to our banking and investment subsidiaries and did not involve more than the normal risk of collectibility or present other unfavorable features.
A copy of the press release issued by the Company on April 12, 2023, for this announcement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 8.01 OTHER EVENTS.
On April 12, 2023, the Company issued a press release announcing these, and certain other, organizational changes. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
99.1 |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
U.S. BANCORP |
By: /s/ James L. Chosy |
James L. Chosy Senior Executive Vice President and General Counsel |
Date: April 12, 2023
Exhibit 99.1
U.S. Bank announces key leadership team changes
Kelligrew, Quinn to retire from positions; Dolan, Stern, Kedia, Philipson and Dominski take on broader roles
MINNEAPOLIS (April 12, 2023) U.S. Bank announced several changes to its executive leadership team today to succeed two leaders who are leaving the company this summer.
We are proud of our longstanding history of attracting, developing and supporting talented leaders who position us for the future, said Andy Cecere, chairman, president and CEO of U.S. Bank. That focus is what makes it possible for us to ensure strong succession plans are in place when leaders decide to pursue new paths in their lives for personal and professional reasons. It is why Im confident we will continue to grow, create value and serve customers without disruption when leadership changes happen as they will during the next few months.
Kate Quinn, vice chair and chief administrative officer, and Jim Kelligrew, vice chair of corporate and commercial banking, will be retiring from their positions in the company June 30 after making significant contributions to the bank during their tenures. Quinn, 58, has advanced the company strategically and reputationally on many fronts since joining U.S. Bank in 2013. She was repeatedly honored as one of the most powerful women in the banking industry. Kelligrew, 57, leaves the bank after 14 years of service. He led the companys corporate and commercial banking team through rapid growth, expanded the banks capabilities and product offerings, and excelled at building strong customer relationships.
Kate and Jim have dedicated their time, talent and leadership to the bank in many ways during the years, and we fully support their decisions to begin the next chapters in their lives. I appreciate their service and partnership, and I am grateful for how they have positioned us for growth and ongoing success, Cecere said. We have a strong succession plan in place for normal leadership changes such as these, and we will build on the foundations they have created to accelerate our future strategy.
Terry Dolan, 61, is expected to take on a broader role as vice chair and chief administration officer, succeeding Quinn, in addition to his current responsibilities as chief financial officer. He has served as the companys CFO since 2016, after leading the companys wealth management and investment services division.
John Stern, 44, will be promoted to senior executive vice president and head of finance in May and is expected to become CFO September 1. He will join the companys managing committee and report to Dolan, and the two will be working closely together to ensure a smooth transition. Stern is currently the president of the companys global corporate trust and custody business and was previously the corporate treasurer for nearly eight years.
Gunjan Kedia, 52, will assume an expanded leadership role, overseeing a combined wealth management and investment services and corporate and commercial banking organization. Kedia is a company vice chair and has been with U.S. Bank, leading wealth management and investment services, since 2016.
Also joining the companys managing committee as senior executive vice presidents will be Reba Dominski and Stephen Philipson. Dominski, 52, is executive vice president and chief corporate social responsibility officer. She will report to Dolan. Philipson, 44, is executive vice president and head of commercial product groups. He will report to Kedia and assume broader leadership responsibilities in addition to his current role.
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About U.S. Bank
U.S. Bancorp, with approximately 77,000 employees and $675 billion in assets as of December 31, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate and Commercial Banking; and Wealth Management and Investment Services. Union Bank, consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 Worlds Most Ethical Companies and Fortunes most admired superregional bank. Learn more at usbank.com/about.
U.S. Bank Public
Contacts
Investors:
George Andersen, Director of Investor Relations, U.S. Bancorp Investor Relations
612.303.3620; george.andersen@usbank.com
Media:
Jeff Shelman, U.S. Bancorp Public Affairs and Communications
612.303.9933; jeffrey.shelman@usbank.com
U.S. Bank Public
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