Gunjan Kedia selected to succeed Andy Cecere as CEO of U.S. Bancorp

Gunjan Kedia, president of U.S. Bancorp, has been named the next chief executive officer of the Minneapolis-based bank, effective in April, the company announced Tuesday afternoon.

Kedia, 54, will replace outgoing CEO Andy Cecere, who will remain in a support role as executive chairman, following the close of the company’s annual shareholder meeting April 15.

Saying the banking industry is at an “important inflection point,” Kedia said in an interview that she is “honored by the board’s decision and very grateful to Andy for his leadership and his stewardship of our organization.”

Kedia outlined three priorities for the months ahead aimed at moving the business forward: accelerating growth, with a strategy focused on deeper client relationships; transforming the bank’s payments business; and focusing on enduring productivity, in part by leveraging technology to be “a simple, streamlined and secure bank.”

She envisions U.S. Bank as offering unique and useful services for clients through all stages of life, from opening a first checking account or buying a first car to starting a company or taking out a first mortgage.

“The vision would be to create a bank that’s simple, that’s trustworthy, that’s straightforward, that has innovative products, and it all works for your benefit,” Kedia said.

Kedia said U.S. Bank has “proud history and a very bright future,” highlighting the institution’s roots that date back 162 years. She says she is confident in the bank’s ability to follow her priorities and deliver strong financial results.

“We have towering strengths in risk management. Our investments in the past have strengthened our products, and we have a great team and a wonderful culture,” Kedia said. “My role is to simply harness these trends with a sense of urgency and deliver for all the people who rely on us.”

As she prepares to take the helm, Kedia said the company is coming off the past eight years “investing very meaningfully into our digital capabilities and to create an array of products.”

“What my leadership, I hope, will do is to take these products and interconnect them to deliver very unique value to our clients,” she said.

Kedia joined the company in 2016 and has served as president since last year. Her route to CEO follows that of Cecere, who also served as the bank’s president before taking the top spot.

Cecere, 64, who has been with U.S. Bank nearly 40 years, will continue to lead the bank’s board of directors. He said Tuesday he plans to support Kedia in her new role.

In an interview with the Minnesota Star Tribune, Cecere noted his decades spent working for the company were all in Minneapolis, saying his tenure has offered “a front row seat to an exciting and meaningful set of changes that I think have positioned the company for ongoing success.

“It’s been a tremendous honor and a privilege, and I value it deeply, and I’m grateful for the opportunity I’ve had over 40 years,” Cecere said.

As he approaches the eight-year mark as CEO, Cecere said he believes “the time is right” for a new person to take over.

“The board and I are extremely confident in Gunjan’s ability to guide the company to the next chapter,” Cecere said. “As I said when we appointed her president: She understands the business. She’s skilled in execution and strategy, and she’s driven to help our organization perform at its best.”

Cecere has been U.S. Bancorp’s CEO since 2018. He ranked eighth on the Star Tribune’s 2024 list of 50 top paid CEOs of Minnesota’s public companies, earning $14 million in total compensation through the end of 2023’s fiscal year.

As CEO, Cecere has moved the company through the acquisition of Union Bank, formerly the fourth-largest in California, which wrapped up in late 2022. The bank also further expanded its footprint in North Carolina. And it entered new partnerships with insurance giant State Farm and investment firm Edward Jones as U.S. Bank seeks to expand growth outside the retail banking sector.

In an age of emerging new tech, U.S. Bank has also sought to advance its digital offerings to align with the type of services customers have come to expect.

Before serving as CEO, Cecere worked as chief operating officer and chief financial officer. He dropped “president” from his title last year before Kedia was named to that position.

Kedia ascended the ranks to become U.S. Bancorp’s president last May. She previously served as the vice chair of wealth, corporate, commercial and institutional banking. In that role, Cecere said, she doubled the share of the bank’s total revenue from her sector, from 10% to 20%, in five years.

Most recently, as president, Kedia oversaw U.S. Bank’s three main areas of business: consumer and business banking; payment services; and wealth, corporate, commercial and institutional banking.

She has spent nearly 30 years in the financial services sector, including leadership roles at State Street Financial and McKinsey & Co.

The announcement from U.S. Bank said Kedia earned her MBA from Carnegie Mellon University, and a bachelor’s in engineering from the Delhi College of Engineering. She holds board roles with PBS, the American Red Cross and Carnegie Mellon University’s Tepper School of Business.

U.S. Bank employs more than 70,000 people, including approximately 11,000 in the Twin Cities area, and manages $678 billion in assets. It is the country’s fifth largest bank.