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 proxy materials – usually by April.
Roland Hernandez will remain U.S. Bank’s lead independent director, a position banks often maintain to counter the argument that a consolidated CEO-chair wields too much power.
In a statement Wednesday, Hernandez said U.S. Bank has “tremendous confidence” in Kedia’s “ability to execute and lead the Board and the company into a dynamic future.”
“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. “Most importantly, she understands the company’s culture and leads with a long-term perspective.”
Kedia joined U.S. Bank in 2016 after having served eight years as an executive vice president at State Street and four at BNY, according to her LinkedIn profile. She served as U.S. Bank’s vice chair of wealth, corporate, commercial and institutional banking, and was named president of the bank in 2024 before ascending to CEO in April 2025.
Kedia will take the reins as chair at U.S. Bank’s annual meeting April 21. It’s typical at U.S. Bank – at least based on Cecere’s trajectory – to take the chair role a year after becoming CEO. U.S. Bank named Cecere its board chair in April 2018, after he became CEO in April 2017.
Morgan Stanley appears to follow that pattern, too. Pick became that bank’s chair a year after succeeding James Gorman as CEO – and much like Cecere at U.S. Bank, Gorman remained as executive chair for his successor’s first year as CEO, then left the board.
Other bank CEOs may spend longer in the CEO seat before taking the chair role. Vince had been BNY’s CEO for three years before being named chair. Fraser was named chair after more than four years at the helm of Citi. And Scharf received his chair title bump after nearly six years leading Wells.
In a statement Wednesday, Kedia called U.S. Bank “a respected and admired franchise [that] is poised for success for generations to come.”
“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,” she said, adding a callout to her predecessor.
“I also appreciate Andy for his leadership and friendship, and I will lead the company forward, leveraging the foundation he helped set,” Kedia said. “Our team will join me in delivering differentiated client experiences, continuing our legacy of governance and stewardship, driving industry-leading performance, and creating value for the many shareholders who invest in us.”
Likewise, Hernandez credited Cecere’s “incredible commitment to U.S. Bancorp, the wonderful culture he helped create, and the legacy of service he established during his career.”
“He helped guide the company through some of the most formidable years in its history, and 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,” Hernandez said Wednesday.
