Kenneth D. Nelson Announces His Retirement
MINNEAPOLIS--(BUSINESS WIRE)--Mar. 6, 2013--
U.S. Bancorp (NYSE: USB) announced today that John C. Stern will succeed
Kenneth D. Nelson as corporate treasurer, effective July 1, 2013.
Nelson, who has served as executive vice president and corporate
treasurer since 2008, has announced his retirement.
Stern, 34, is currently senior vice president and manager of corporate
funding and derivatives and has been in that group since 2002. Stern
joined the bank in 2000.
“I want to thank Ken for his many years of service to our Company,” said
Andy Cecere, vice chairman and chief financial officer of U.S. Bancorp.
“Ken’s dedication, hard work and leadership significantly contributed to
our Company’s ability to successfully navigate through one of the most
challenging economic environments our industry has ever experienced.”
“John has been a valuable member of the Treasury team for 12 years,”
continued Cecere. “His knowledge, experience and leadership skills make
him an excellent choice for the position of corporate treasurer, and I
look forward to partnering with him over the coming years.”
Nelson, 60, has been with U.S. Bancorp since 1984. Nelson holds a
bachelor’s degree in business administration and economics from Mankato
State University and his MBA from the University of St. Thomas.
Stern earned his bachelor’s degree in business from the Carlson School
of Management at the University of Minnesota and his MBA from the
University of St. Thomas. He resides in Minneapolis and is married with
Minneapolis-based U.S. Bancorp, with $354 billion in assets as of
December 31, 2012, is the parent company of U.S. Bank National
Association, the 5th largest commercial bank in the United States. The
company operates 3,084 banking offices in 25 states and 5,065 ATMs and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
Source: U.S. Bancorp
Judith T. Murphy