US Bank Sets Effective Date of Previously Announced CFO Transition

U.S. Bank has set the effective date of two previously announced promotions.

Effective Sept. 1, the bank’s current vice chair and CFO, Terrance Robert Dolan, will become vice chair and chief administration officer overseeing the company’s combined Chief Administration Office, U.S. Bank said in a Wednesday (Aug. 23) press release.

On the same day, U.S. Bank’s current senior executive vice president and head of finance, John Stern, will become senior executive vice president and CFO.

Both promotions were announced in an April 12 press release, but the starting dates had not been confirmed at that time.

“Our succession planning efforts have enabled us to move quickly and prudently to ensure continuity of leadership and service as senior executives have made personal and professional choices in their careers,” U.S. Bank Chairman, President and CEO Andy Cecere said in the Wednesday press release. “Today’s moves reflect confidence in our path forward and will continue to ensure our strength and stability as an organization as we lead into the future.”

U.S. Bank also announced Wednesday that Jeff von Gillern, vice chair of technology and operations services, will retire on Sept. 1. He will remain as an adviser to the CEO through the end of the year, but his day-to-day responsibilities will shift to Dilip Venkatachari, senior executive vice president and chief information and technology officer, on that day.

“The company previously announced [von Gillern’s] intention to retire last November, and he has been gracious to stay on board to guide the company through the systems integration related to its MUFG Union Bank acquisition,” U.S. Bank said in the release.

U.S. Bank parent company U.S. Bancorp announced in September 2021 that it would acquire MUFG Union Bank’s regional operations in an $8 billion deal.

The company said at the time that the agreement would see U.S. Bank gain more than 1 million consumer customers and about 190,000 small business customers, along with about $58 billion in loans and $90 billion in deposits.

The transaction will join the two entities “with a focus on being the leader in serving customers and communities in California, Washington and Oregon,” U.S. Bank said when announcing the deal.