Dive Brief:

• U.S. Bank has promoted Gunjan Kedia to president, the Minneapolis-based lender said in a Friday release.
• Kedia, 53, gained more responsibility last year when the bank gave her oversight of corporate and commercial banking, in addition to her previous role as vice chair and head of wealth management.
• Kedia’s promotion likely sets her up as the eventual successor to CEO Andy Cecere, a Piper Sandler analyst wrote Friday in a note to investors.

Dive Insight:

In Friday’s release, Cecere called Kedia “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. “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.”

Kedia, for her part, said she is “deeply honored to be trusted with this opportunity to drive our future success in a broader way.”

“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.”

In her new role, Kedia will oversee the bank’s three lines of business: wealth, corporate, commercial and institutional banking; consumer and business banking; and payment services, according to the release said. She’ll report to Cecere, 63, who was the last holder of the president title.

Scott Siefers, a Piper Sandler analyst, wrote in a note to investors that his firm expects any CEO switch-up “would still be at least a couple years away (prior CEO transitions at USB have been telegraphed well in advance).”  

Kedia “has already been visible with analysts/investors, and we expect her to become even more so in coming periods,” Siefers wrote. “Today begins what we expect to be an orderly & logical transition in USB’s most senior ranks.”

Kedia began her roughly three-decade career at consultant firms PricewaterhouseCoopers and McKinsey & Co. before transitioning to banking. She held executive vice president roles at BNY Mellon and State Street before joining U.S. Bank in December 2016, according to her LinkedIn profile.

Kedia made $5.7 million in total compensation last year, according to the bank’s most recent proxy filing.

With the promotion, Kedia’s base salary jumps 38%, to $1 million, according to a Friday filing with the Securities and Exchange Commission. Additionally, Kedia is eligible for an annual cash incentive award that has a target value of 2.5 million, and will receive a long-term incentive award, valued at $1.5 million, granted 60% in the form of performance-based restricted stock units and 40% in the form of restricted stock units, the filing said.