U.S. Bancorp promotes Gunjan Kedia to president, possible step to CEO role

U.S. Bancorp (NYSE: USB) on Friday announced that it will promote Gunjan Kedia to president, a title that has previously led to eventual ascension to the CEO role.

Kedia, who has been with Minneapolis-based U.S. Bank since 2016, is currently vice chair of wealth, corporate, commercial and institutional banking, a role that oversees a portfolio of businesses representing about 36% of U.S. Bank’s revenue and more than 10,000 employees.

In her new role, Kedia, 53, will report to CEO and Chairman Andy Cecere, who is giving up the president title he's held, and will continue overseeing those businesses as well as take on the rest of the bank's business lines, which are consumer and business banking and its payments business.

A company news release said that Kedia has been an influential leader focused on enhancing growth, has advanced company diversity efforts and played an important role in the bank's strategies.

"Gunjan has shown herself to be a visionary leader who understands our business and is driven to help us perform at our best. She has an unwavering commitment to serving our clients, building strong teams and living our values,” Cecere said in a statement. “She will partner with me and our entire Managing Committee as we continue to chart our course for the future, and she will build on her proven success to drive further growth across all our business lines.”

While the bank wouldn't comment on speculation about future promotions, U.S. Bank has a history of giving the CEO heir apparent the president title. Back in 2016, it promoted Chief Operating Officer and Vice Chairman Andy Cecere to president, serving under then-CEWO and Chairman Richard Davis. Cerece became CEO in 2017. And before Davis became CEO in 2006, he served as president and chief operating officer for a couple of years.

In a statement, Kedia said she was honored by the promotion. "“I am looking forward to collaborating with leaders across our revenue lines to drive further success in our organization, as we continue to shape the future of U.S. Bank together,” she said.

Before joining U.S. Bank, Kedia worked at several prominent institutions, including McKinsey & Co. and Bank of New York Mellon. She holds an MBA, with distinction, from Carnegie Mellon University and a bachelor’s degree in engineering, with distinction, from the Delhi School of Engineering. 

She currently sits on the boards of directors for Public Broadcasting Service (PBS), Junior Achievement USA and Carnegie Mellon Business School.

Kedia spoke to the Business Journal last fall about the economic uncertainties the bank and investors are facing.

Staff reporter Keith Schubert contributed to this report.