U.S. Bank CEO Kedia named chair
Article excerpt
U.S. Bank CEO Kedia named chair. With the move, the Minneapolis-based lender joins all eight of the U.S.'s G-SIBs in consolidating CEO and chair roles. Gunjan Kedia's predecessor, Andy Cecere, is retiring from the board. U.S. Bank CEO Gunjan Kedia will add "chair" to her title beginning in April, the Minneapolis-based lender announced Wednesday. At the same time, U.S. Bank's current chair - and Kedia's predecessor as CEO - Andy Cecere will retire from the board, the bank said. In designating Kedia as chair, U.S. Bank joins all eight U.S.-based global systemically important banks in consolidating CEO and chair roles. Four of those banks consolidated those positions last year. Morgan Stanley CEO Ted Pick became chair Jan. 1, 2025. BNY CEO Robin Vince became chair Sept. 1. And Wells Fargo and Citi announced in July and October, respectively, that their chief executives would also chair the banks' boards. Wells gave CEO Charlie Scharf a one-time $30 million equity award to go along with the title bump. Citi gave CEO Jane Fraser $25 million. It is unclear whether Kedia stands to reap a compensation windfall from the title bump. If she does, it likely won't be in the range of Fraser's or Scharf's, given U.S. Bank's size ($692 billion in assets) relative to Citi or Wells (roughly $2 trillion each). U.S. Bank is set to disclose its executive compensation when it publishes...
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U.S. Bank named Cecere its board chair in April 2018, after he became CEO in April 2017.
