Andrew Cecere: Difference between revisions

The neutral encyclopedia of notable people
Content engine: create biography for Andrew Cecere (1760 words)
 
Content engine: create biography for Andrew Cecere (1987 words) [update]
 
Line 1: Line 1:
{{Infobox person
{{Infobox person
| name         = Andrew Cecere
| name         = Andrew Cecere
| birth_name    = Andrew Cecere
| birth_place  =  
| nationality   = American
| nationality = American
| occupation   = Banking executive
| occupation   = Banking executive
| known_for     = Chairman, President and CEO of [[U.S. Bancorp]]
| known_for   = Chairman, President and CEO of [[U.S. Bancorp]]
| employer     = [[U.S. Bancorp]]
| employer     = [[U.S. Bancorp]]
| title         = Chairman (retiring April 2026)
| title       = Chairman (retiring April 2026)
| education    =
| website      =
}}
}}


'''Andrew Cecere''' (commonly known as '''Andy Cecere''') is an American banking executive who served as the chairman, president, and chief executive officer of [[U.S. Bancorp]], the parent company of U.S. Bank and the fifth-largest banking institution in the United States.<ref name="bpi">{{cite web |title=Andrew Cecere |url=https://bpi.com/people/andrew-cecere/ |publisher=Bank Policy Institute |date=November 8, 2020 |access-date=2026-02-24}}</ref> Cecere's career at U.S. Bancorp spanned decades, during which he rose through a series of senior leadership roles — from vice chairman and chief financial officer to chief operating officer, president, and ultimately the top executive position at the company. Under his leadership, U.S. Bancorp maintained its position as one of the largest and most prominent financial services holding companies in the country, with assets exceeding $678 billion and more than 70,000 employees across thousands of branches.<ref name="ffiec">{{cite web |title=Top Holding Companies |url=https://www.ffiec.gov/npw/Institution/TopHoldings |publisher=Federal Financial Institutions Examination Council |access-date=2026-02-24}}</ref> In early 2025, U.S. Bancorp announced that Cecere would retire from his role as board chairman in April 2026, with CEO Gunjan Kedia succeeding him as chair, marking the conclusion of an extensive tenure at the helm of one of America's largest banks.<ref name="retirement">{{cite news |title=U.S. Bancorp (USB) CEO Gunjan Kedia to become board chair as Cecere retires |url=https://www.stocktitan.net/sec-filings/USB/8-k-us-bancorp-de-reports-material-event-318bc20e3cc2.html |work=Stock Titan |access-date=2026-02-24}}</ref>
Andrew Cecere is an American banking executive who served as the chairman, president, and chief executive officer of [[U.S. Bancorp]], the parent company of U.S. Bank and one of the largest financial institutions in the United States. Over the course of a career spanning decades at the Minneapolis-based company, Cecere rose through progressively senior roles in the organization's finance and operations divisions before assuming the top leadership position. Under his tenure, U.S. Bancorp maintained its standing as the fifth-largest bank in the United States by assets, with approximately $678.32 billion in assets and more than 70,000 employees as of 2024.<ref name="bpi">{{cite web |title=Andrew Cecere |url=https://bpi.com/people/andrew-cecere/ |publisher=Bank Policy Institute |date=November 8, 2020 |access-date=2026-02-24}}</ref><ref name="fortune">{{cite news |last= |first= |date=March 11, 2025 |title=Gunjan Kedia's in-tray as she becomes CEO of U.S. Bancorp |url=https://fortune.com/2025/03/11/us-bancorp-new-ceo-gunjan-kedia-risks-tariffs-wild-fires/ |work=Fortune |access-date=2026-02-24}}</ref> The company is considered a systemically important financial institution by the [[Financial Stability Board]] and ranks on the [[Fortune 500]], with its stock included in both the [[S&P 500]] and [[S&P 100]] indexes. Cecere's planned retirement from the board chairmanship in April 2026 marked the conclusion of a long executive tenure at the institution, with CEO [[Gunjan Kedia]] designated as his successor as board chair.<ref name="stocktitan">{{cite web |title=U.S. Bancorp (USB) CEO Gunjan Kedia to become board chair as Cecere retires |url=https://www.stocktitan.net/sec-filings/USB/8-k-us-bancorp-de-reports-material-event-318bc20e3cc2.html |publisher=Stock Titan |date=2025 |access-date=2026-02-24}}</ref>


== Career ==
== Career ==


=== Early Career at U.S. Bancorp ===
=== Early career at U.S. Bancorp ===


Andrew Cecere built his career within the U.S. Bancorp organization over the course of several decades, ascending through multiple senior financial and operational roles. He served in key positions including vice chairman and chief financial officer (CFO), where he oversaw the company's financial strategy, reporting, and capital management. His tenure as CFO provided him with an in-depth understanding of the company's balance sheet, risk management practices, and overall financial health.<ref name="bpi" />
Andrew Cecere built his career within U.S. Bancorp, rising through the ranks of the financial services holding company over a period of several decades. The Bank Policy Institute described U.S. Bancorp under his leadership as "a well-respected financial services holding company," reflecting the institution's reputation for conservative management and consistent financial performance.<ref name="bpi" /> U.S. Bancorp, headquartered at U.S. Bancorp Center in Minneapolis, Minnesota, serves as the parent company of U.S. Bank National Association, which operates as U.S. Bank. The institution provides a diversified range of financial services, including banking, investment, mortgage, trust, and payment services to individuals, businesses, governmental entities, and other financial institutions.<ref name="sec10k">{{cite web |title=U.S. Bancorp 10-K Annual Report |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/36104/000119312520043622/d597518d10k.htm |publisher=U.S. Securities and Exchange Commission |date= |access-date=2026-02-24}}</ref>


Cecere subsequently took on the role of vice chairman and chief operating officer (COO), a position that broadened his responsibilities beyond finance to encompass the operational management of the company's diverse business lines. In this capacity, he was involved in overseeing U.S. Bancorp's wide-ranging operations, which included banking, investment, mortgage, trust, and payment services products provided to individuals, businesses, governmental entities, and other financial institutions.<ref name="bpi" />
Before his appointment as president, Cecere held the titles of vice chairman and chief operating officer (COO) of U.S. Bancorp. In these roles, he oversaw significant operational functions of the company and was closely involved in the strategic direction of the institution's various business lines.


=== Promotion to President ===
=== Promotion to President ===


On January 19, 2016, U.S. Bancorp announced the promotion of Andrew Cecere from vice chairman and chief operating officer to president of the company. The promotion represented a significant step in the leadership succession planning at one of the nation's largest financial institutions. In his new role as president, Cecere assumed expanded oversight of the company's operations and strategic direction while continuing to report within the executive leadership structure of U.S. Bancorp.<ref name="president">{{cite web |title=U.S. Bancorp Promotes Andrew Cecere to President |url=https://ir.usbank.com/news-events/news/news-details/2016/U.S.-Bancorp-Promotes-Andrew-Cecere-to-President-01-19-2016/default.aspx |publisher=U.S. Bank |date=January 19, 2016 |access-date=2026-02-24}}</ref>
On January 19, 2016, U.S. Bancorp announced the promotion of Andrew Cecere from vice chairman and chief operating officer to the position of president. The promotion signaled the company's confidence in Cecere's leadership capabilities and positioned him as a leading candidate for eventual succession to the chief executive role.<ref name="promotion">{{cite web |title=U.S. Bancorp Promotes Andrew Cecere to President |url=https://ir.usbank.com/news-events/news/news-details/2016/U.S.-Bancorp-Promotes-Andrew-Cecere-to-President-01-19-2016/default.aspx |publisher=U.S. Bank |date=January 19, 2016 |access-date=2026-02-24}}</ref> The announcement was made through the company's investor relations division, underscoring its significance as a corporate governance development.


The promotion to president was viewed as part of the broader leadership transition at U.S. Bancorp, positioning Cecere as a central figure in the company's future direction. At the time of his promotion, U.S. Bancorp was already one of the largest banking institutions in the United States, operating thousands of branches and ATMs across the country.<ref name="president" />
At the time of his promotion, U.S. Bancorp was already one of the largest banking institutions in the United States, with extensive operations across the Midwest and Western United States. The company had grown through decades of regional mergers and acquisitions, and its business model encompassed traditional retail banking, commercial banking, wealth management, and payment processing services. Cecere's elevation to president placed him at the center of managing this diversified financial enterprise.


=== Chairman, President and Chief Executive Officer ===
=== Chairman, President, and CEO ===


Cecere eventually assumed the combined roles of chairman, president, and chief executive officer of U.S. Bancorp, placing him at the apex of the company's governance and management structures. As chairman and CEO, he led a financial services holding company that was ranked on the [[Fortune 500]] and whose stock was traded within both the [[S&P 500]] and [[S&P 100]] indexes.<ref name="bpi" /><ref name="10k">{{cite web |title=U.S. Bancorp 10-K Annual Report |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/36104/000119312520043622/d597518d10k.htm |publisher=U.S. Securities and Exchange Commission |access-date=2026-02-24}}</ref>
Cecere subsequently assumed the roles of chairman and chief executive officer in addition to the presidency, consolidating the top leadership positions at U.S. Bancorp. As chairman, president, and CEO, he held responsibility for the overall strategic direction, financial performance, and governance of the institution.<ref name="bpi" /><ref name="stocktitan" />


During his tenure as CEO, U.S. Bancorp maintained its status as the largest bank headquartered in the [[Midwestern United States]]. The company was designated as systemically important by the [[Financial Stability Board]], reflecting the scale and significance of its operations within the broader financial system. Under Cecere's leadership, U.S. Bancorp's asset base grew to $678.32 billion as of 2024, with total equity of $58.9 billion and net income of $6.33 billion that same year.<ref name="ffiec" /><ref name="10k" />
During Cecere's tenure as the top executive, U.S. Bancorp continued to operate as one of the largest and most significant banking institutions in the United States. The company maintained its position as the fifth-largest bank in the country and the largest bank in the Midwestern United States.<ref name="fortune" /> The Financial Stability Board designated U.S. Bancorp as a systemically important institution, a classification reflecting the bank's size and interconnectedness within the broader financial system.


The company under Cecere's stewardship operated 3,661 branches and 4,771 ATMs as of 2024, serving customers across a broad geographic footprint. U.S. Bank, the primary operating entity of U.S. Bancorp, became one of the largest asset custodians in the country. The firm also expanded its operations through multiple subsidiary acquisitions beginning in the late 2010s, diversifying its holdings as part of a broader strategic vision for the company.<ref name="ffiec" />
Under Cecere's leadership, U.S. Bancorp maintained a substantial physical presence across the United States, operating 3,661 branches and 4,771 ATMs as of 2024.<ref name="sec10k" /> The company's workforce numbered more than 70,000 employees. The institution's financial metrics reflected its scale: assets of approximately $678.32 billion, equity of $58.9 billion, and net income of $6.33 billion in 2024. Operating income stood at $7.84 billion in 2023, and the company maintained a Tier 1 capital ratio of 10.9% as of 2025.<ref name="sec10k" /><ref name="ffiec">{{cite web |title=Top Holdings |url=https://www.ffiec.gov/npw/Institution/TopHoldings |publisher=Federal Financial Institutions Examination Council |date= |access-date=2026-02-24}}</ref>


U.S. Bancorp's retail credit card offerings were provided via the [[Visa Inc.|Visa]] network in the United States and abroad, representing one of several business lines under Cecere's oversight. The company's diversified business model encompassed consumer and business banking, wealth management and investment services, payment services, and corporate and commercial banking.<ref name="10k" />
U.S. Bancorp's stock continued to trade on the [[New York Stock Exchange]] under the ticker symbol USB throughout Cecere's tenure as CEO and chairman.<ref name="nyse">{{cite web |title=NYSE: USB |url=https://www.nyse.com/quote/XNYS:USB |publisher=New York Stock Exchange |date= |access-date=2026-02-24}}</ref> The company's inclusion in both the S&P 500 and S&P 100 indexes reflected its standing among the largest publicly traded companies in the United States. U.S. Bancorp was also included in the 2024 Forbes Global 2000 ranking, recognized for its sales, profitability, asset base, and market value among global financial institutions.


Cecere also represented U.S. Bancorp in industry leadership capacities. He was affiliated with the [[Bank Policy Institute]], a nonpartisan public policy group representing the nation's leading banks, where he was identified among its leadership.<ref name="bpi" />
The company's diversified business model encompassed several significant business lines during Cecere's leadership. U.S. Bank served as one of the largest asset custodians in the country, with more than $11.7 trillion under administration as of June 2025. The institution's retail credit card offerings were provided through the Visa network in both domestic and international markets. U.S. Bancorp also acquired multiple subsidiaries since the late 2010s as part of its growth strategy as a diversified holding company.<ref name="sec10k" />


=== Leadership Transition and Retirement ===
U.S. Bancorp maintained a corporate sponsorship presence during this period, including its naming rights agreement for U.S. Bank Stadium, as well as sponsorships of various cultural events and transportation hubs.<ref name="sec10k" />


In early 2025, U.S. Bancorp disclosed plans for a leadership transition at the top of the organization. The company announced that Cecere would retire from his position as chairman of the board of directors in April 2026. CEO Gunjan Kedia was named as his successor to the chairmanship, a move that consolidated the company's top leadership roles under Kedia following her own appointment as chief executive officer.<ref name="retirement" />
=== Compensation ===
 
Cecere's compensation as CEO of U.S. Bancorp reflected his position at the helm of one of the nation's largest financial institutions. In 2024, his total compensation increased by 14 percent compared to the prior year. The increase was attributed to a salary increase, a larger bonus, and more substantial equity gains.<ref name="stribpay">{{cite news |last= |first= |date=March 11, 2025 |title=U.S. Bancorp's CEO pay increased 14% in 2024 |url=https://www.startribune.com/us-bancorps-ceo-pay-increased-14percent-in-2024/601233686 |work=Star Tribune |access-date=2026-02-24}}</ref>
 
In February 2025, Cecere reported the sale of 102,044 shares of U.S. Bancorp common stock, valued at approximately $4.82 million. The transaction was disclosed in accordance with Securities and Exchange Commission insider trading reporting requirements.<ref name="investing">{{cite news |last= |first= |date=February 5, 2025 |title=Us Bancorp CEO Andrew Cecere Sells $4.82 Million in Stock |url=https://www.investing.com/news/insider-trading-news/us-bancorp-ceo-andrew-cecere-sells-482-million-in-stock-93CH-3852200 |work=Investing.com |access-date=2026-02-24}}</ref>
 
=== Succession and Retirement ===


The planned transition followed a period in which Cecere had already begun stepping back from day-to-day management responsibilities. Kedia, who had been serving as CEO, was positioned to take on the additional responsibility of board chair upon Cecere's departure, continuing the leadership continuity that had characterized U.S. Bancorp's governance approach.<ref name="retirement" />
In 2025, U.S. Bancorp announced a planned leadership transition. [[Gunjan Kedia]] was named as the new CEO of U.S. Bancorp, taking over from Cecere in April 2025. Kedia's appointment made her a prominent figure in the American banking industry as she assumed leadership of the fifth-largest bank in the country.<ref name="fortune" />


Fortune reported in March 2025 that Kedia's assumption of the CEO role — taking over from Cecere — came at a time when the financial industry was navigating significant economic uncertainties, including concerns about tariffs and natural disaster impacts on the banking sector.<ref name="fortune">{{cite news |last= |first= |date=March 11, 2025 |title=Gunjan Kedia's in-tray as she becomes CEO of U.S. Bancorp |url=https://fortune.com/2025/03/11/us-bancorp-new-ceo-gunjan-kedia-risks-tariffs-wild-fires/ |work=Fortune |access-date=2026-02-24}}</ref>
As part of the transition, Cecere initially continued to serve as chairman of U.S. Bancorp's board of directors after stepping down from the CEO role. In a further governance transition announced subsequently, U.S. Bancorp outlined plans for Cecere to retire from the board chairmanship in April 2026, at which point Kedia would also assume the role of board chair.<ref name="stocktitan" /> This planned consolidation of the CEO and board chair roles under Kedia followed the same governance model that Cecere himself had operated under for much of his tenure, where he held the combined titles of chairman, president, and CEO.


=== Compensation ===
The leadership transition occurred at a time when the financial industry was navigating a complex economic environment. According to Fortune, Kedia's agenda upon becoming CEO included managing risks related to tariffs and other economic uncertainties.<ref name="fortune" />


Cecere's compensation as CEO of U.S. Bancorp reflected his position at the head of one of the nation's largest banking institutions. In 2024, his total compensation increased by 14 percent compared to the previous year. The increase was attributed to a salary increase, a larger bonus, and increased equity gains.<ref name="compensation">{{cite news |date=March 11, 2025 |title=U.S. Bancorp's CEO pay increased 14% in 2024 |url=https://www.startribune.com/us-bancorps-ceo-pay-increased-14percent-in-2024/601233686 |work=Star Tribune |access-date=2026-02-24}}</ref>
== U.S. Bancorp History and Context ==


In February 2025, regulatory filings revealed that Cecere, in his capacity as chairman and CEO of U.S. Bancorp, sold 102,044 shares of the company's common stock in a transaction valued at approximately $4.82 million. Such insider stock transactions are subject to disclosure requirements by the [[U.S. Securities and Exchange Commission]].<ref name="stocksale">{{cite news |date=February 5, 2025 |title=Us Bancorp CEO Andrew Cecere Sells $4.82 Million in Stock |url=https://www.investing.com/news/insider-trading-news/us-bancorp-ceo-andrew-cecere-sells-482-million-in-stock-93CH-3852200 |work=Investing.com |access-date=2026-02-24}}</ref>
The institution that Cecere led traces its origins to 1891, operating under the second-oldest banking charter granted in 1863 following the passage of the [[National Bank Act]]. Over the subsequent decades, dozens of regional mergers and acquisitions throughout the Upper Midwest and Western United States contributed to the creation of the modern U.S. Bancorp.<ref name="sec10k" />


== U.S. Bancorp Under Cecere's Leadership ==
By the time Cecere assumed the top leadership positions, U.S. Bancorp had grown into a major national financial institution with a broad geographic footprint and diversified revenue streams. The company's annual revenue placed it on the Fortune 500, and its market capitalization was sufficient for inclusion in both the S&P 500 and S&P 100 indexes. The institution's historical development through mergers and acquisitions gave it a particularly strong presence in the Midwestern and Western regions of the United States.


U.S. Bancorp, the entity Cecere led for years as chairman and CEO, traces its origins to 1891 and operates under the second-oldest national banking charter granted in 1863 following the passage of the [[National Bank Act]]. The modern company was formed through decades of regional mergers and acquisitions throughout the [[Upper Midwest]] and [[Western United States]].<ref name="10k" />
U.S. Bancorp's corporate structure positioned U.S. Bank National Association as its primary operating entity, while the parent holding company structure allowed for the acquisition and management of additional subsidiaries. This organizational framework provided the flexibility for the growth and diversification initiatives that characterized the company during Cecere's leadership period.


Under Cecere's leadership, U.S. Bancorp maintained its headquarters at the U.S. Bancorp Center in [[Minneapolis, Minnesota]]. The company's workforce numbered more than 70,000 employees as of 2024. Its Tier 1 capital ratio stood at 10.9 percent as of 2025, a key measure of financial stability for banking institutions.<ref name="ffiec" />
== Recognition ==


The company's financial performance during Cecere's tenure placed it consistently among the largest financial institutions in the country. U.S. Bancorp was included in the 2024 [[Forbes Global 2000]] ranking for its sales, profitability, asset base, and market value. The company's operating income reached $7.84 billion in 2023, and net income was $6.33 billion in 2024.<ref name="10k" />
As chairman, president, and CEO of U.S. Bancorp, Cecere was recognized as a leading figure in the American banking industry. He was profiled by the Bank Policy Institute, which identified him as the head of "a well-respected financial services holding company."<ref name="bpi" /> His leadership of the fifth-largest bank in the United States and a systemically important financial institution placed him among the most prominent banking executives in the country.


U.S. Bancorp's community and sponsorship activities during this period included support for cultural events, transportation hubs, and sporting venues. Notably, the company held naming rights to [[U.S. Bank Stadium]] in Minneapolis, home of the [[Minnesota Vikings]] of the [[National Football League]].<ref name="10k" />
U.S. Bancorp's consistent performance on major financial indices and rankings during his tenure — including the Fortune 500, S&P 500, S&P 100, and Forbes Global 2000 — reflected the institution's standing under his leadership. The company's designation as a systemically important institution by the Financial Stability Board further underscored the significance of Cecere's role within the broader financial system.


The company's stock traded on the [[New York Stock Exchange]] under the ticker symbol USB, and it maintained its status as a component of both the S&P 500 and S&P 100 indexes throughout Cecere's tenure as chairman and CEO.<ref name="nyse">{{cite web |title=U.S. Bancorp NYSE Quote |url=https://www.nyse.com/quote/XNYS:USB |publisher=New York Stock Exchange |access-date=2026-02-24}}</ref>
His compensation, including the 14 percent increase in total pay reported for 2024, reflected the board's assessment of his performance in leading the institution through a period of significant scale, with the company maintaining assets approaching $680 billion and generating net income of over $6 billion annually.<ref name="stribpay" />


== Legacy ==
== Legacy ==


Andrew Cecere's tenure at U.S. Bancorp encompassed a period of significant growth and transformation for the institution. Rising from senior financial roles through the executive ranks to the combined position of chairman, president, and CEO, he oversaw one of America's largest banks during a period that included the post-financial crisis regulatory environment, the expansion of digital banking services, and the economic disruptions associated with the COVID-19 pandemic and its aftermath.
Andrew Cecere's tenure at U.S. Bancorp spanned a significant period in the institution's history. Rising from vice chairman and chief operating officer to president in 2016, and subsequently to the combined roles of chairman, president, and CEO, he led the company during a period in which it maintained and consolidated its position as one of the largest and most important banking institutions in the United States.<ref name="promotion" /><ref name="bpi" />
 
During his time leading U.S. Bancorp, the company maintained its position as the fifth-largest bank in the United States and the largest bank headquartered in the Midwest.<ref name="ffiec" /> The company's designation as systemically important by the Financial Stability Board underscored the scale and significance of the institution he led. The planned and orderly nature of the leadership transition to Gunjan Kedia — first as CEO and then as board chair — reflected the governance approach that characterized Cecere's time at the company's helm.<ref name="retirement" /><ref name="fortune" />


The Bank Policy Institute described U.S. Bancorp under Cecere as "a well-respected financial services holding company," noting his role in leading the organization through a period of industry change and consolidation.<ref name="bpi" />
Under his leadership, U.S. Bancorp preserved its status as the fifth-largest bank in the country by assets and the largest bank in the Midwest. The company's diversified business model, spanning retail banking, commercial banking, wealth management, payment services, and asset custody, continued to generate substantial revenue and earnings throughout his tenure. The institution's asset custody operations grew to exceed $11.7 trillion under administration by mid-2025, positioning U.S. Bank as one of the largest asset custodians nationally.


Cecere's retirement announcement in 2025, with an effective date of April 2026, marked the conclusion of an era at U.S. Bancorp and set the stage for the next chapter of the company's leadership under Kedia, who became one of the most prominent women leading a major U.S. banking institution.<ref name="retirement" /><ref name="fortune" />
The planned succession to Gunjan Kedia represented a structured leadership transition, with Cecere initially remaining as board chairman before his full retirement from the board in April 2026.<ref name="stocktitan" /> The transition plan allowed for continuity of governance while establishing new leadership for the institution. Cecere's retirement marked the end of a lengthy period of leadership at one of America's largest financial institutions and set the stage for a new chapter in U.S. Bancorp's corporate history.


== References ==
== References ==
Line 81: Line 87:
[[Category:American bankers]]
[[Category:American bankers]]
[[Category:American chief executives of financial services companies]]
[[Category:American chief executives of financial services companies]]
[[Category:U.S. Bancorp people]]
[[Category:U.S. Bancorp]]
[[Category:People from Minneapolis, Minnesota]]
[[Category:People from Minneapolis, Minnesota]]
[[Category:Living people]]
[[Category:Living people]]

Latest revision as of 07:28, 24 February 2026




Andrew Cecere
NationalityAmerican
OccupationBanking executive
TitleChairman (retiring April 2026)
EmployerU.S. Bancorp
Known forChairman, President and CEO of U.S. Bancorp

Andrew Cecere is an American banking executive who served as the chairman, president, and chief executive officer of U.S. Bancorp, the parent company of U.S. Bank and one of the largest financial institutions in the United States. Over the course of a career spanning decades at the Minneapolis-based company, Cecere rose through progressively senior roles in the organization's finance and operations divisions before assuming the top leadership position. Under his tenure, U.S. Bancorp maintained its standing as the fifth-largest bank in the United States by assets, with approximately $678.32 billion in assets and more than 70,000 employees as of 2024.[1][2] The company is considered a systemically important financial institution by the Financial Stability Board and ranks on the Fortune 500, with its stock included in both the S&P 500 and S&P 100 indexes. Cecere's planned retirement from the board chairmanship in April 2026 marked the conclusion of a long executive tenure at the institution, with CEO Gunjan Kedia designated as his successor as board chair.[3]

Career

Early career at U.S. Bancorp

Andrew Cecere built his career within U.S. Bancorp, rising through the ranks of the financial services holding company over a period of several decades. The Bank Policy Institute described U.S. Bancorp under his leadership as "a well-respected financial services holding company," reflecting the institution's reputation for conservative management and consistent financial performance.[1] U.S. Bancorp, headquartered at U.S. Bancorp Center in Minneapolis, Minnesota, serves as the parent company of U.S. Bank National Association, which operates as U.S. Bank. The institution provides a diversified range of financial services, including banking, investment, mortgage, trust, and payment services to individuals, businesses, governmental entities, and other financial institutions.[4]

Before his appointment as president, Cecere held the titles of vice chairman and chief operating officer (COO) of U.S. Bancorp. In these roles, he oversaw significant operational functions of the company and was closely involved in the strategic direction of the institution's various business lines.

Promotion to President

On January 19, 2016, U.S. Bancorp announced the promotion of Andrew Cecere from vice chairman and chief operating officer to the position of president. The promotion signaled the company's confidence in Cecere's leadership capabilities and positioned him as a leading candidate for eventual succession to the chief executive role.[5] The announcement was made through the company's investor relations division, underscoring its significance as a corporate governance development.

At the time of his promotion, U.S. Bancorp was already one of the largest banking institutions in the United States, with extensive operations across the Midwest and Western United States. The company had grown through decades of regional mergers and acquisitions, and its business model encompassed traditional retail banking, commercial banking, wealth management, and payment processing services. Cecere's elevation to president placed him at the center of managing this diversified financial enterprise.

Chairman, President, and CEO

Cecere subsequently assumed the roles of chairman and chief executive officer in addition to the presidency, consolidating the top leadership positions at U.S. Bancorp. As chairman, president, and CEO, he held responsibility for the overall strategic direction, financial performance, and governance of the institution.[1][3]

During Cecere's tenure as the top executive, U.S. Bancorp continued to operate as one of the largest and most significant banking institutions in the United States. The company maintained its position as the fifth-largest bank in the country and the largest bank in the Midwestern United States.[2] The Financial Stability Board designated U.S. Bancorp as a systemically important institution, a classification reflecting the bank's size and interconnectedness within the broader financial system.

Under Cecere's leadership, U.S. Bancorp maintained a substantial physical presence across the United States, operating 3,661 branches and 4,771 ATMs as of 2024.[4] The company's workforce numbered more than 70,000 employees. The institution's financial metrics reflected its scale: assets of approximately $678.32 billion, equity of $58.9 billion, and net income of $6.33 billion in 2024. Operating income stood at $7.84 billion in 2023, and the company maintained a Tier 1 capital ratio of 10.9% as of 2025.[4][6]

U.S. Bancorp's stock continued to trade on the New York Stock Exchange under the ticker symbol USB throughout Cecere's tenure as CEO and chairman.[7] The company's inclusion in both the S&P 500 and S&P 100 indexes reflected its standing among the largest publicly traded companies in the United States. U.S. Bancorp was also included in the 2024 Forbes Global 2000 ranking, recognized for its sales, profitability, asset base, and market value among global financial institutions.

The company's diversified business model encompassed several significant business lines during Cecere's leadership. U.S. Bank served as one of the largest asset custodians in the country, with more than $11.7 trillion under administration as of June 2025. The institution's retail credit card offerings were provided through the Visa network in both domestic and international markets. U.S. Bancorp also acquired multiple subsidiaries since the late 2010s as part of its growth strategy as a diversified holding company.[4]

U.S. Bancorp maintained a corporate sponsorship presence during this period, including its naming rights agreement for U.S. Bank Stadium, as well as sponsorships of various cultural events and transportation hubs.[4]

Compensation

Cecere's compensation as CEO of U.S. Bancorp reflected his position at the helm of one of the nation's largest financial institutions. In 2024, his total compensation increased by 14 percent compared to the prior year. The increase was attributed to a salary increase, a larger bonus, and more substantial equity gains.[8]

In February 2025, Cecere reported the sale of 102,044 shares of U.S. Bancorp common stock, valued at approximately $4.82 million. The transaction was disclosed in accordance with Securities and Exchange Commission insider trading reporting requirements.[9]

Succession and Retirement

In 2025, U.S. Bancorp announced a planned leadership transition. Gunjan Kedia was named as the new CEO of U.S. Bancorp, taking over from Cecere in April 2025. Kedia's appointment made her a prominent figure in the American banking industry as she assumed leadership of the fifth-largest bank in the country.[2]

As part of the transition, Cecere initially continued to serve as chairman of U.S. Bancorp's board of directors after stepping down from the CEO role. In a further governance transition announced subsequently, U.S. Bancorp outlined plans for Cecere to retire from the board chairmanship in April 2026, at which point Kedia would also assume the role of board chair.[3] This planned consolidation of the CEO and board chair roles under Kedia followed the same governance model that Cecere himself had operated under for much of his tenure, where he held the combined titles of chairman, president, and CEO.

The leadership transition occurred at a time when the financial industry was navigating a complex economic environment. According to Fortune, Kedia's agenda upon becoming CEO included managing risks related to tariffs and other economic uncertainties.[2]

U.S. Bancorp History and Context

The institution that Cecere led traces its origins to 1891, operating under the second-oldest banking charter granted in 1863 following the passage of the National Bank Act. Over the subsequent decades, dozens of regional mergers and acquisitions throughout the Upper Midwest and Western United States contributed to the creation of the modern U.S. Bancorp.[4]

By the time Cecere assumed the top leadership positions, U.S. Bancorp had grown into a major national financial institution with a broad geographic footprint and diversified revenue streams. The company's annual revenue placed it on the Fortune 500, and its market capitalization was sufficient for inclusion in both the S&P 500 and S&P 100 indexes. The institution's historical development through mergers and acquisitions gave it a particularly strong presence in the Midwestern and Western regions of the United States.

U.S. Bancorp's corporate structure positioned U.S. Bank National Association as its primary operating entity, while the parent holding company structure allowed for the acquisition and management of additional subsidiaries. This organizational framework provided the flexibility for the growth and diversification initiatives that characterized the company during Cecere's leadership period.

Recognition

As chairman, president, and CEO of U.S. Bancorp, Cecere was recognized as a leading figure in the American banking industry. He was profiled by the Bank Policy Institute, which identified him as the head of "a well-respected financial services holding company."[1] His leadership of the fifth-largest bank in the United States and a systemically important financial institution placed him among the most prominent banking executives in the country.

U.S. Bancorp's consistent performance on major financial indices and rankings during his tenure — including the Fortune 500, S&P 500, S&P 100, and Forbes Global 2000 — reflected the institution's standing under his leadership. The company's designation as a systemically important institution by the Financial Stability Board further underscored the significance of Cecere's role within the broader financial system.

His compensation, including the 14 percent increase in total pay reported for 2024, reflected the board's assessment of his performance in leading the institution through a period of significant scale, with the company maintaining assets approaching $680 billion and generating net income of over $6 billion annually.[8]

Legacy

Andrew Cecere's tenure at U.S. Bancorp spanned a significant period in the institution's history. Rising from vice chairman and chief operating officer to president in 2016, and subsequently to the combined roles of chairman, president, and CEO, he led the company during a period in which it maintained and consolidated its position as one of the largest and most important banking institutions in the United States.[5][1]

Under his leadership, U.S. Bancorp preserved its status as the fifth-largest bank in the country by assets and the largest bank in the Midwest. The company's diversified business model, spanning retail banking, commercial banking, wealth management, payment services, and asset custody, continued to generate substantial revenue and earnings throughout his tenure. The institution's asset custody operations grew to exceed $11.7 trillion under administration by mid-2025, positioning U.S. Bank as one of the largest asset custodians nationally.

The planned succession to Gunjan Kedia represented a structured leadership transition, with Cecere initially remaining as board chairman before his full retirement from the board in April 2026.[3] The transition plan allowed for continuity of governance while establishing new leadership for the institution. Cecere's retirement marked the end of a lengthy period of leadership at one of America's largest financial institutions and set the stage for a new chapter in U.S. Bancorp's corporate history.

References

  1. 1.0 1.1 1.2 1.3 1.4 "Andrew Cecere".Bank Policy Institute.November 8, 2020.https://bpi.com/people/andrew-cecere/.Retrieved 2026-02-24.
  2. 2.0 2.1 2.2 2.3 "Gunjan Kedia's in-tray as she becomes CEO of U.S. Bancorp".Fortune.March 11, 2025.https://fortune.com/2025/03/11/us-bancorp-new-ceo-gunjan-kedia-risks-tariffs-wild-fires/.Retrieved 2026-02-24.
  3. 3.0 3.1 3.2 3.3 "U.S. Bancorp (USB) CEO Gunjan Kedia to become board chair as Cecere retires".Stock Titan.2025.https://www.stocktitan.net/sec-filings/USB/8-k-us-bancorp-de-reports-material-event-318bc20e3cc2.html.Retrieved 2026-02-24.
  4. 4.0 4.1 4.2 4.3 4.4 4.5 "U.S. Bancorp 10-K Annual Report".U.S. Securities and Exchange Commission.https://www.sec.gov/ix?doc=/Archives/edgar/data/36104/000119312520043622/d597518d10k.htm.Retrieved 2026-02-24.
  5. 5.0 5.1 "U.S. Bancorp Promotes Andrew Cecere to President".U.S. Bank.January 19, 2016.https://ir.usbank.com/news-events/news/news-details/2016/U.S.-Bancorp-Promotes-Andrew-Cecere-to-President-01-19-2016/default.aspx.Retrieved 2026-02-24.
  6. "Top Holdings".Federal Financial Institutions Examination Council.https://www.ffiec.gov/npw/Institution/TopHoldings.Retrieved 2026-02-24.
  7. "NYSE: USB".New York Stock Exchange.https://www.nyse.com/quote/XNYS:USB.Retrieved 2026-02-24.
  8. 8.0 8.1 "U.S. Bancorp's CEO pay increased 14% in 2024".Star Tribune.March 11, 2025.https://www.startribune.com/us-bancorps-ceo-pay-increased-14percent-in-2024/601233686.Retrieved 2026-02-24.
  9. "Us Bancorp CEO Andrew Cecere Sells $4.82 Million in Stock".Investing.com.February 5, 2025.https://www.investing.com/news/insider-trading-news/us-bancorp-ceo-andrew-cecere-sells-482-million-in-stock-93CH-3852200.Retrieved 2026-02-24.