Summary
U.S. Bancorp (USB) has announced significant executive leadership changes impacting key operational and financial roles. Effective September 1, 2023, Jeffry H. von Gillern will transition from his role as Vice Chair, Technology and Operations Services, to an advisory position, concluding his employment in December. This move follows his previously announced intention to step down from his executive position. Concurrently, the company has appointed Terrance R. Dolan as Vice Chair and Chief Administration Officer, taking over from his previous role as Chief Financial Officer. John C. Stern will assume the position of Senior Executive Vice President and Chief Financial Officer, reporting to Mr. Dolan. These appointments, alongside compensation adjustments for Mr. Stern, underscore the company's strategic focus on its administrative and financial operations.
Key Highlights
- 1Jeffry H. von Gillern resigns as Vice Chair, Technology and Operations Services, effective September 1, 2023, transitioning to an advisory role until December 31, 2023.
- 2Terrance R. Dolan appointed Vice Chair and Chief Administration Officer, effective September 1, 2023.
- 3John C. Stern appointed Senior Executive Vice President and Chief Financial Officer, effective September 1, 2023, reporting to Mr. Dolan.
- 4Mr. Dolan will cease his role as Chief Financial Officer on September 1, 2023.
- 5John C. Stern's compensation package for his new role includes a base salary increase to $700,000 annually.
- 6Mr. Stern is eligible for an annual cash incentive target of 180% of his base salary and will continue to receive long-term equity awards with a target fair value of $2,500,000 for 2024.