01:49 PM EDT, 10/30/2024 (MT Newswires) -- U.S. Bancorp ( USB ) said Wednesday that Chief Financial Officer John Stern will now report directly to Chairman and Chief Executive Andy Cecere, effective immediately.

The company also said it is organizing its payment services business into the merchant and institutional division and the consumer and small business division.

Leaders of both divisions will report to President Gunjan Kedia during the transition for Vice Chair of payment services Shailesh Kotwal's retirement in H1 2025, according to the company.

Mark Runkel, chief transformation officer, will lead the merchant and institutional division starting in early January while the company is actively searching for the head of the consumer and small business division and expects to fill the position in H1 2025, U.S. Bancorp ( USB ) said.

Shares of the company were up 1.4% in recent trading.

Price: 48.92, Change: +0.70, Percent Change: +1.44