U.S. Bancorp Names CEO Gunjan Kedia to Dual Chairman Role in 2026

MINNEAPOLIS, MN – January 28, 2026 – U.S. Bancorp today announced a pivotal leadership evolution, appointing Chief Executive Officer and President Gunjan Kedia to succeed Andy Cecere as Chairman of the Board of Directors. The transition, effective after the company's annual shareholder meeting in April 2026, will consolidate the top leadership roles and mark the beginning of a new chapter for the nation's fifth-largest bank as Cecere retires after a more than 40-year career in financial services.

The move signals the board’s profound confidence in Kedia, who has steered the bank through a period of strong financial performance and strategic growth since becoming CEO in April 2025. The appointment places her in a powerful dual role, responsible for both the company's day-to-day management and the board's strategic oversight.

A New Visionary at the Helm

Gunjan Kedia's rapid ascent to the top of U.S. Bancorp reflects a career marked by strategic leadership and consistent results. Having joined the company in 2016, she led the Wealth, Corporate, Commercial and Institutional Banking division before being named President in 2024 and CEO a year later. Her extensive background includes executive positions at State Street Financial and BNY, as well as leadership roles at McKinsey and Company.

Her early tenure as CEO has been defined by impressive financial metrics. U.S. Bancorp closed 2025 with a record $28.7 billion in net revenue, driven by a 7.6% year-over-year increase in fee revenue. The bank also achieved nine consecutive quarters of stable expenses, a testament to Kedia's focus on operational discipline. The fourth quarter of 2025 saw diluted earnings per share climb 18% (adjusted) and a strong return on tangible common equity of 18.4%.

In a statement, Lead Independent Director Roland Hernandez praised Kedia's appointment. “Gunjan is a remarkable leader who is well-respected by the Board, her team and our stakeholders for her strategic acumen, client focus and ability to drive business performance,” Hernandez said. “The Board of Directors has tremendous confidence in her ability to execute and lead the Board and the company into a dynamic future.”

Kedia’s strategic vision prioritizes organic growth fueled by key partnerships over large-scale acquisitions. A prime example is the forthcoming collaboration with Edward Jones, which will allow its 19,000 advisors to offer U.S. Bank products directly to clients. This follows the successful integration of Union Bank, which significantly expanded the bank's West Coast presence.

“U.S. Bancorp is a respected and admired franchise, and our company is poised for success for generations to come,” Kedia stated. “I am grateful for the support of our exceptional Board of Directors in being appointed to this role, and I am honored to lead the Board and the company.”

The End of an Era: Andy Cecere's Legacy

Andy Cecere’s retirement concludes a distinguished career that has left an indelible mark on U.S. Bancorp. Having served as CEO since 2017 and Chairman since 2018, Cecere guided the institution through a transformative period, including the COVID-19 pandemic and significant shifts in the banking landscape.

His tenure is noted for its strategic investments in technology, payments, and digital capabilities, which laid the groundwork for the bank’s current competitive posture. He was the architect behind the landmark acquisition of Union Bank, a complex deal that solidified U.S. Bank’s position in the critical California market. The well-managed succession plan, which saw Cecere move into an executive chairman role to support Kedia’s transition to CEO, has been widely viewed as a model of stable corporate stewardship.

“On behalf of the Board of Directors and all our colleagues, clients and community partners, I want to thank Andy for his incredible commitment to U.S. Bancorp, the wonderful culture he helped create, and the legacy of service he established during his career,” Hernandez remarked. “His drive to invest in digital capabilities, build needed scale, and instill a focus on prudent financial and risk management will serve as a strong foundation for the future.”

Governance and Strategy for a Digital Future

The decision to combine the CEO and Chairman roles for Kedia aligns U.S. Bancorp with a common, albeit debated, corporate governance structure in the United States. While critics of CEO-Chairman duality often cite concerns over concentrated power and reduced board independence, the bank has maintained a key countermeasure. Roland Hernandez will continue in his capacity as the Board’s lead independent director, a role designed to ensure robust independent oversight, facilitate communication among non-executive directors, and provide a critical check on executive authority.

This consolidated leadership structure may provide U.S. Bancorp with the agility needed to navigate an increasingly complex and competitive financial industry. Kedia is expected to accelerate the digital transformation strategy initiated under Cecere, leveraging technology to enhance client experiences and improve efficiency. Her focus on partnerships and organic growth reflects a disciplined approach to expanding the bank's reach in an era of intense competition from both traditional banks and disruptive fintech startups.

The bank's strong performance and strategic clarity have bolstered investor confidence. The market has reacted positively to the seamless leadership transition and Kedia’s clear vision. U.S. Bancorp has projected continued growth into 2026, forecasting net interest growth of 3% to 4% and total fee revenue growth of 5% to 6%. This optimistic outlook, delivered under Kedia's leadership, suggests that both the board and the market believe the bank is well-positioned for sustained success. As she prepares to take the chairman's gavel, Kedia inherits a strong foundation and a clear mandate to drive U.S. Bancorp forward.