MINNEAPOLIS, Jun 09, 2011 (BUSINESS WIRE) --
Kurt Adams has been named head of U.S. Bank Corporate Payment Systems
(CPS), succeeding Robert Abele who is retiring on June 30 after 20 years
with the company.
U.S. Bank Corporate Payment Systems issues corporate, government,
purchasing, fleet and aviation cards, as well as business-to-business
payment products which in total comprised more than $44 billion in
processed annual sales volume in 2010. The organization, consisting of
more than 600 staff members in the United States, Canada and Europe,
posted annualized revenue growth of nine percent and annualized volume
growth of close to 12 percent over the course of Abele's tenure.
"Rob has done a tremendous job leading the growth, expansion and
financial performance of our corporate payments business," said Pam
Joseph, U.S. Bank vice chair for Payment Services. "He is loved by
customers and employees, and respected by our competitors. His
contributions to the industry are sincerely appreciated and will be
missed. I wish him the absolute best in his forthcoming retirement
Adams, who was head of strategy and program management for CPS, oversaw
corporate strategy, product strategy and program management for programs
such as Travel & Entertainment, Payables, Fuel, and Transportation. In
addition, Adams led the strategic planning process and merger &
acquisition activity for the business.
Previously, Adams was head of European strategy and planning for the
bank's Elavon Merchant Services division, based in Dublin, Ireland.
During his tenure, he directed U.S. Bank's successful acquisition of
Citibank's European merchant acquiring business.
"I am honored and excited to accept this position at a time of
tremendous opportunity for the business," Adams said. "Under Rob Abele's
leadership, U.S. Bank Corporate Payments Systems has been growing
steadily, and I believe we are poised to take that growth to the next
level. I look forward to working with my colleagues in CPS and across
the bank to make that happen."
Adams joined U.S. Bank in 2005. Prior to that he spent five years as
vice president of Piper Jaffray's investment banking group in
Minneapolis, where he managed financial technology and services-related
mergers and acquisitions, public offerings and the private placement of
equity and debt securities. Adams holds a bachelor's degree from Arizona
State University and an M.B.A from Notre Dame.
"The time has come to pursue some personal goals, things that I've
always set aside for 'someday,'" Abele said of leaving after 12 years of
managing the bank's commercial and government payment products and
services. "This decision has not been an easy one. However, I feel
confident turning over the leadership reigns to Kurt Adams. Kurt
understands the business extremely well and has a demonstrated record of
getting results. I know he relishes the challenge of continuing to grow
our business and serve our customers."
U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31,
2011, is the parent company of U.S. Bank, the fifth largest commercial
bank in the United States. The company operates 3,082 banking offices in
25 states and 5,238 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6755100&lang=en
SOURCE: U.S. Bank
Teri Charest, Media Relations, 612-303-0732