Jack Grundhofer, former chair, president and CEO of Minneapolis-based U.S. Bancorp, passed away Jan. 24 at the age of 82.
Grundhofer led U.S. Bancorp predecessor First Bank System during the 1990s, guiding the institution through more than 30 acquisitions that built it into one of the nation’s largest. In 1997, he oversaw the $9 billion acquisition of Portland, Ore., U.S. Bancorp. He retired in 2002, after U.S. Bancorp sold to Milwaukee’s Firstar Corp., in 2001.
“Jack was a natural leader with tremendous energy and a vision for what the bank could be that was bigger than what others thought possible,” said current Chair, CEO and President Andy Cecere, who served as chief financial officer under Grundhofer. “He led the company through some of the most challenging times in our history, and he made difficult decisions that were balanced, fair and intent on doing what was best long-term.”
Shortly after arriving at First Bank System in 1990 to spearhead a turnaround, Grundhofer was kidnapped at gunpoint in a downtown Minneapolis parking garage. He managed to escape, and no one was ever charged.
Grundhofer had a degree in economics from Loyola University and first worked for Union Bank as a credit analyst and trainee. After obtaining an MBA from the University of Southern California, he went on to hold leadership positions at Union Bank, Wells Fargo and First Bank System.
He served as vice chair for the Palm Springs International Film Festival and on the board of the Eisenhower Medical Center in California. He also served on the boards for Air California, Golden West Mobile Homes, The Donaldson Company, Minnesota Life Insurance Company and BJ’s Restaurants, and was a trustee of Loyola Marymount University.