Minneapolis-based U.S. Bancorp is splitting its payment services business into two divisions: Payments, Merchant and Institutional along with Consumer and Small Business.
According to the bank, the change is being made to “reflect the size, scale and strategic importance of the payments business to the company” in preparation for the retirement of Vice Chair of Payment Services Shailesh Kotwal in the first half of next year.
Senior Executive Vice President and Chief Transformation Officer Mark Runkel will lead the PMI business starting in early January. A 22-year employee of U.S. Bank, Runkel has worked with the company’s merchant and institutional payments businesses. The bank is recruiting to hire the leader of its head of consumer and small-business payments.
CFO John Stern will report directly to Chair and CEO Andy Cecere. Stern, 46, was named CFO of the $686 billion company last year. He served as president of the company’s global corporate trust and custody business and had been the corporate treasurer for nearly eight years.
“These are important changes that will help us accelerate our growth strategy and capitalize on the inflection point we have reached due to our investments and disciplined approach to delivering financial results,” Cecere said. “We look forward to the contributions these leaders will make to the organization for years to come.”