US Bancorp has announced that President Gunjan Kedia will become its new chief executive officer, effective April 15, making her the first woman to take on the role in the bank’s history. Kedia, who has been with the company since 2016, is now joining a select group of female leaders in the finance industry, including Jane Fraser, the CEO of Citigroup, one of the largest banks in the United States.

Kedia will succeed Andy Cecere, who has led the bank as CEO since 2017 and chaired its board of directors since 2018. After nearly four decades with the company, Cecere is stepping down from his executive role but will remain involved as executive chairman, continuing to lead the board.

Reflecting on his tenure, Cecere said in a statement, “It has been a tremendous honor and a privilege I value deeply, and I believe the time is right to welcome Gunjan warmly to the role I’ve held for nearly eight years.”

During his time at the helm, Cecere was instrumental in U.S. Bancorp’s acquisition of Union Bank, a deal that significantly expanded the bank’s reach in California. Kedia, with her extensive experience in the finance sector, is expected to build on the company’s recent successes. Before joining U.S. Bancorp, she held senior positions at State Street and BNY Mellon, as well as key roles at consulting firms McKinsey & Company and PwC.

In its most recent earnings report, U.S. Bancorp announced a strong rise in fourth-quarter profits, driven largely by an increase in trust and investment management fees. Despite some underperformance of its shares compared to the broader market in 2024, the bank is optimistic about the future, forecasting a net revenue growth of between 3% and 5% in 2025.