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.
Frequently Asked Questions
U.S. Bancorp announced that Terrance R. Dolan, the current CFO, will transition to Vice Chair and Chief Administration Officer by September 1, 2023, and John C. Stern will be promoted to Head of Finance effective May 1, 2023, and is expected to become the new CFO on September 1, 2023.
John C. Stern is expected to become the Company's Chief Financial Officer effective September 1, 2023. Prior to that, he will serve as Head of Finance starting May 1, 2023.
Terrance R. Dolan will assume expanded responsibilities and is expected to become Vice Chair and Chief Administration Officer of the Company effective September 1, 2023. He will cease to be the CFO on that date.
No, the terms of Mr. Stern's compensation for his new position as CFO have not been determined at this time.