U.S. Bancorp announced planned leadership and structural changes, including Chief Financial Officer John Stern now reporting directly to Chairman and CEO Andy Cecere, effective immediately. This change reflects Stern's leadership and aims to strengthen the alignment of the executive team.
The company is reorganizing its Payment Services business into two distinct divisions: Payments: Merchant and Institutional (PMI) and Payments: Consumer and Small Business (PCS). Mark Runkel, Senior Executive Vice President and Chief Transformation Officer, will lead the PMI business starting in early January.
These structural adjustments are in preparation for Vice Chair of Payment Services Shailesh Kotwal's previously announced retirement in the first half of next year. The reorganization is designed to better leverage the size, scale, and strategic importance of the payments business for accelerated growth.
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