Gunjan Kedia has been appointed as the next Chief Executive Officer of U.S. Bancorp, making history as the first woman to lead the company.

Announced on January 28, this leadership change marks a pivotal moment for the financial industry, reinforcing U.S. Bancorp’s commitment to diversity and strategic growth

Kedia, currently serving as the company’s president, will officially step into the CEO role following the annual shareholders’ meeting on April 15.

She will also join the Board of Directors, ensuring a seamless transition and continued alignment with the company’s vision.

She will succeed Andy Cecere, who will transition to executive chairman, providing guidance and oversight as she assumes her new role.

A Veteran in Financial Leadership

Gunjan Kedia’s career spans nearly 30 years in the financial services sector, positioning her as a formidable leader equipped to navigate today’s complex economic landscape.

Since joining U.S. Bancorp in 2016, she has been instrumental in driving revenue growth and strengthening the company’s competitive edge in consumer and institutional banking.

Before her tenure at U.S. Bancorp, Kedia held global executive roles at prestigious institutions such as State Street Financial and BNY Mellon and worked in leadership positions at McKinsey & Company and PwC.

Her contributions to the banking industry have earned her multiple accolades, including seven consecutive placements on American Banker’s ‘Most Powerful Women in Banking and Finance’ list.

She has also been recognized twice on Barron’s ‘100 Most Influential Women in U.S. Finance’ list, highlighting her role as a trailblazer in the sector.

Beyond finance, Kedia is an active participant in philanthropic and educational initiatives. She serves on the boards of PBS, the American Red Cross, and Carnegie Mellon Business School, reinforcing her dedication to community engagement and leadership development.

She holds an MBA with distinction from Carnegie Mellon University and a bachelor’s degree in engineering from the Delhi School of Engineering.

Strategic Vision for the Future

As she prepares to take the helm, Kedia has emphasized U.S. Bancorp’s foundational values, integrity, innovation, and customer-centric growth.

She envisions a future where the company continues to thrive as a leader in digital transformation, community partnerships, and responsible banking practices.

“U.S. Bancorp is a truly special place that allows us to do meaningful work and build lasting relationships with millions of clients,” Kedia said in a statement. “We will build on a solid foundation of integrity and doing business the right way to drive growth. These values will continue to guide us toward an ambitious future, one we will build together.”

U.S. Bancorp has been recognized for its industry leadership, earning a spot on Fortune’s ‘Most Admired Superregional Banks’ list and being named one of the ‘World’s Most Ethical Companies’ in 2024.

Under Kedia’s leadership, the bank is expected to further its focus on innovation, enhance digital banking experiences, and expand its market presence.

Succession Planning and Leadership Continuity

U.S. Bancorp’s leadership transition follows a well-structured succession plan that prioritizes stability and strategic foresight.

Lead Independent Director Roland Hernandez commended the company’s ability to foster and promote top-tier leadership talent from within.

“One of the hallmarks of U.S. Bancorp is its thorough and measured approach to succession planning. The company’s bench is deep, and the talent to grow and promote from within is impressive,” Hernandez stated.

“We are grateful to Andy for his years of service and his stewardship as chairman and CEO for nearly eight years. We look forward to his ongoing guidance as the company’s executive chairman.

At the same time, we are inspired by Gunjan’s vision for the company and are confident in her ability to guide U.S. Bancorp into a vibrant and engaging future.”

Outgoing CEO Andy Cecere, 64, has been a key figure at U.S. Bancorp for nearly 40 years, holding various executive roles including chief financial officer, chief operating officer, president, and CEO.

His tenure has been marked by significant milestones, including the company’s investment in technology, payments, and digital capabilities.

He also played a crucial role in major acquisitions, such as the Union Bank transaction, which expanded U.S. Bancorp’s footprint in California.

Reflecting on his leadership and the transition, Cecere remarked, “I have spent nearly 40 years at U.S. Bancorp and have had a front-row seat to exciting and meaningful changes that have positioned our company for ongoing success.

It has been a tremendous honor and a privilege I value deeply, and I believe the time is right to welcome Gunjan warmly to the role I’ve held for nearly eight years.

She is an influential executive who understands our business, is skilled in strategic execution, and is driven to help the organization perform at our best.”

The Road Ahead

With more than 70,000 employees and assets totaling $678 billion as of December 31, 2024, U.S. Bancorp stands as a formidable player in the financial services industry. 

The company’s diversified portfolio spans consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management.

As Kedia steps into her new role, the industry will closely watch how she navigates the evolving financial landscape, leveraging U.S Bancorp’s strengths while ushering in a new era of growth and innovation.

Her appointment not only represents a milestone for U.S. Bancorp but also sets a precedent for greater female representation in top executive positions within the banking industry.