US Bank Exec Retirement Triggers Big Reorg

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U.S. Bank announced that John Elmore, vice chairman of Community Banking & Branch Delivery, will retire, which has led to a major reorganization at the financial institution. Elmore, a 38-year veteran of the banking industry, who has been with U.S. Bank for most of his career, will depart the company in March 2019.

“John is an exceptional leader who will leave behind a distinguished legacy of professional achievement and personal integrity,” said Andy Cecere, chairman, president and CEO of U.S. Bank, in a press release. “Over the years, John has touched the lives of thousands of employees and customers with his passion for banking, his dedication to serving others and his gift for mentorship. We wish him the very best in his retirement.”’

Elmore’s retirement has prompted the company to create Consumer & Business Banking, a combination of its Community Banking & Branch Delivery and Consumer Banking Sales & Support units. Tim Welsh, vice chairman of Consumer Banking Sales & Support, will lead the new division.

“John’s departure provides us with an opportunity to rethink our retail banking organization and to create the best possible structure that aligns with our vision for the future,” Cecere said. “The banking industry is in a period of dynamic change, and it is important for U.S. Bank to continue evolving. This simplified structure will allow us to operate more effectively and efficiently, particularly at a time when innovation and speed to market is essential. Tim is an outstanding leader with a strong customer focus, and he is helping us make great strides in our evolution.”

In addition, the company is in the process of hiring someone for the newly-created position of Chief Digital Officer (CDO). This person will lead the company’s digital strategy and establish U.S. Bank’s leadership position in the digital age. The CDO will be a member of the Managing Committee and report directly to Cecere.

“In order for us to truly become a digital-first bank with a one U.S. Bank perspective, we need to make sure our processes, capabilities, technologies, talent and innovation-formula are optimal. The Chief Digital Officer role is a key step forward in our vision for the future,” Cecere added.