US Bancorp has announced that president Gunjan Kedia will become its new chief executive officer on 15 April, marking a historic milestone as the first woman to lead the Minneapolis-based lender in its history.

Kedia, 54, will succeed Andy Cecere, who has served as chairman and chief executive officer since 2017. Cecere will transition to the role of executive chairman, continuing to lead the board of directors while supporting Kedia in her new position.

"US Bancorp is a truly special place that allows us to do meaningful work and build lasting relationships with millions of clients who are navigating some of the most important moments in their lives and organisational journeys," said Kedia. "I am deeply honoured to be trusted to lead this iconic company."

Lead independent director Roland Hernandez praised the succession plan, stating: "We are inspired by Gunjan's vision for the company, and we are confident in her ability to guide US Bancorp into a vibrant and engaging future that honours the past while achieving new possibilities."

Kedia joined US Bancorp in 2016 and most recently served as president overseeing the bank's three primary revenue streams: wealth, corporate, commercial and institutional banking; consumer and business banking; and payment services. Her previous experience includes executive positions at State Street Financial and BNY, as well as leadership roles at McKinsey and Company and PwC.

Cecere, 64, departs the chief executive officer role after nearly 40 years with the company, where he held various senior positions including president, chief operating officer and chief financial officer. During his tenure, he led the organisation through significant changes, including the COVID-19 pandemic and the recent Union Bank acquisition that expanded the company's presence in California.

The leadership transition comes at a crucial time for the bank, which recently reported fourth-quarter profit growth driven by increased trust and investment management fees. The company has forecast total net revenue growth of between 3 and 5 per cent for 2025.

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