Summary
U.S. Bancorp (USB) announced a significant leadership change with the immediate promotion of Gunjan Kedia to President. Ms. Kedia, previously Vice Chair of Wealth, Corporate, Commercial & Institutional Banking, will now assume the role of President for both U.S. Bancorp and its principal banking subsidiary, U.S. Bank National Association. This promotion is effective immediately and Ms. Kedia will continue to report to Chairman and CEO Andrew Cecere, who previously held the President title. This executive move comes with a revised compensation package for Ms. Kedia, including an increased base salary to $1,000,000, an annual cash incentive award targeted at 250% of her base salary, and a long-term incentive award valued at $1,500,000. The long-term award will be a mix of performance-based and restricted stock units. Investors should note that this appointment signifies a deepening of leadership responsibilities within the organization, and compensation details are aligned with other executive officers.
Key Highlights
- 1Gunjan Kedia promoted to President of U.S. Bancorp and U.S. Bank National Association.
- 2Promotion is effective immediately, with Ms. Kedia continuing to report to CEO Andrew Cecere.
- 3Ms. Kedia's base salary increases to $1,000,000 annually, effective May 5, 2024.
- 4She is eligible for an annual cash incentive award with a target value of 250% of her base salary.
- 5A long-term incentive award valued at $1,500,000 will be granted on May 6, 2024.
- 6The long-term award will consist of 60% performance-based RSUs and 40% RSUs.
- 7This filing primarily concerns an executive leadership and compensation update.