Summary
U.S. Bancorp (USB) filed an 8-K on April 12, 2023, announcing significant leadership changes within its finance department. Notably, current Vice Chair and Chief Financial Officer (CFO), Terrance R. Dolan, will transition to Vice Chair and Chief Administration Officer by September 1, 2023, stepping down from his CFO role on the same date. This move expands Mr. Dolan's responsibilities within the company.
Key Highlights
- 1Terrance R. Dolan, current CFO, will move to Vice Chair and Chief Administration Officer effective September 1, 2023.
- 2Dolan will cease to be CFO on September 1, 2023, after expanding his responsibilities by June 30, 2023.
- 3John C. Stern is promoted to Head of Finance starting May 1, 2023.
- 4John C. Stern is expected to become the new CFO effective September 1, 2023.
- 5Stern will report to Dolan in his new roles.
- 6Stern has a long tenure with USB, having served as Corporate Treasurer and in various other roles since 2000.
- 7The terms of Stern's compensation for the new CFO position have not yet been determined.