U.S. Bancorp's chief financial officer Terry Dolan will take on an expanded leadership role after two senior executives retire this summer in a management shakeup that could hold implications for the bank's succession planning.
Dolan, who's served as CFO of the Minneapolis-based parent company of U.S. Bank since 2016, will assume the role of vice chair and chief administration officer after the current position holder Kate Quinn retires on June 30, according to a statement from the $675 billion-asset bank.
Dolan will maintain CFO duties until September 1 when John Stern will take on those responsibilities, the U.S. Bank statement said.
Stern, who currently serves as president of the bank's global corporate trust and custody business, is being promoted next month to senior executive vice president and head of finance and will join U.S. Bank's management committee.
Stern will report to Dolan, and the two will "be working closely together to ensure a smooth transition," the statement said.
U.S. Bank announced further executive changes Wednesday with the promotion of Gunjan Kedia, who has led the company's wealth management and investment services business since 2016.
Kedia's role is expanding to include leadership of U.S. Bank's corporate and commercial banking organization as Jim Kelligrew, the bank's current vice chair of corporate and commercial banking, also prepares to retire at the end of June alongside Quinn.
U.S. Bank has a "strong succession plan in place for normal leadership changes such as these," CEO Andy Cecere, who also serves as chairman and president, said in the statement.
"We are proud of our longstanding history of attracting, developing and supporting talented leaders who position us for the future," Cecere said. "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."
Quinn was noted in the statement for having advanced the company "strategically and reputationally" since joining U.S. Bank in 2013. She's previously been recognized in American Banker's
Quinn also helped lead U.S. Bank's recent $8 billion acquisition of MUFG Union Bank, which
Kelligrew received acknowledgement for helping to expand the bank's capabilities, product offerings and customer relationships.
With the $7.5 billion acquisition, the Minneapolis bank bolstered its customer base in the nation's most populous state by more than 1 million. Earnings accretion from the combination could offset slower loan growth this year.
Piper Sandler's Scott Siefers and Frank Williams wrote in an analyst's note that Dolan's expanded role beyond the CFO position was the only real "surprise" from U.S. Bank's announcement.
"While the changes add a little wrinkle to the story," the analysts wrote, the extended transition period and Stern's background in finance "suggest he is appropriate for the role and that there will be an orderly transition."
While U.S. Bank announced shuffling in its executive circle, the future of Cecere's tenure at the bank remains the same.
The 62-year-old
