(Reuters) -U.S. Bancorp announced on Tuesday that President Gunjan Kedia will become its chief executive, effective April 15, becoming the first woman in the bank's history to take up the role.

Kedia joins only a handful of female CEOs in the finance sector, with Jane Fraser at the helm of Citigroup, one of the largest banks in the U.S.

She will replace Andy Cecere, who served as the company's CEO since 2017 and as its chairman since 2018.

Cecere, who has spent about four decades with U.S. Bancorp, had also served in key roles such as chief operating officer and the finance chief.

"It has been a tremendous honor and a privilege I value deeply, and I believe the time is right to welcome Gunjan warmly to the role I've held for nearly eight years," Cecere said in a statement.

The outgoing CEO, who steered the deal with Union Bank that expanded the company's presence in California, will serve as executive chairman, continuing to lead the board of directors.

Kedia, an industry veteran, joined the bank in 2016 and oversaw the revenue lines, the bank said.

Before joining U.S. Bancorp, she also held global executive roles at State Street and BNY and key roles at consultancy firms McKinsey and Company and PwC.

U.S. Bancorp reported a rise in fourth-quarter profit earlier in the month, helped by an increase in trust and investment management fees.

The bank, shares of which have lagged the broader market in 2024, forecast a total net revenue growth of between 3% and 5% for 2025.