Minneapolis-based U.S. Bancorp will have a new CEO starting in mid-April.

On Tuesday, the bank announced that longtime executive and current president Gunjan Kedia will take over as CEO on April 15. Current chair and CEO Andy Cecere will transition to executive chairman and will support Kedia “as she assumes her new role,” U.S. Bank said in a news released Tuesday afternoon.

Kedia – who first joined the company in 2016 as vice chair of U.S. Bank’s wealth, corporate, commercial, and institutional banking division – has long been believed to be next in line for the top job. She was promoted to president last May.

“One of the hallmarks of U.S. Bancorp is its thorough and measured approach to succession planning,” said Roland Hernandez, lead independent director on U.S. Bank’s board. “The company’s bench is deep, and the talent to grow and promote from within is impressive.”

Kedia, who has nearly 30 years of experience in financial services, will join a small group of women leading Fortune 500 companies. According to Fortune magazine, there were just 52 female chief executives of Fortune 500 companies in 2024. That amounts to 10.4% of all Fortune 500s, a statistic that was unchanged from the prior year.

In a 2024 interview for the most recent TCB 100 list, Kedia said she emphasizes “keeping a learning orientation,” while maintaining a long-term strategic perspective.

Meanwhile, Kedia also was elected to U.S. Bancorp’s board. She already sits on the boards for PBS, American Red Cross, and Carnegie Mellon Business School.

“I am deeply honored to be trusted to lead this iconic company, and I am thankful to Andy for his leadership and his stewardship of our organization,” Kedia said in Tuesday’s statement. “We will build on a solid foundation of integrity and doing business the right way to drive growth.”