U.S. Bancorp announced a raft of key appointments Tuesday that are designed to make its organization more customer-focused.
Topping the list of promoted executives is 46-year-old Daniel W. Yohannes, who was named head of the $77.4 billion-asset company's newly created consumer banking group. Mr. Yohannes, who remains chief executive officer of the company's Colorado operations, now oversees all retail banking products, branch salespeople, and the telephone customer service operation.
"Uniting all aspects of our consumer business under the leadership of a single manager will help solidify our promise to deliver ... a comprehensive range of financial solutions to customers," said John F. Grundhofer, U.S. Bancorp's chairman and chief executive officer.
The Minneapolis-based banking company also created a position to ensure that customers visiting the company's 1,000 branches are served well. Peter E. Raskind, 42, was given the job, though his official title will not be determined until the appointment receives the approval of the board. Mr. Raskind is executive vice president in charge of corporate trust.
Peter G. Michielutti, 43, was tapped to run information services, succeeding Terrence D. Sandvik, 60, who will retire this fall.
And Patricia T. Bauer, 45, will fill a new role as head of the digital group, which will oversee Internet projects and direct marketing initiatives.
Analysts said the reorganization was sparked by last month's appointment of Philip G. Heasley as president and chief operating officer.
The four promoted executives will report to Mr. Heasley, who is seen as a possible successor to Mr. Grundhofer, who is 60.
Observers applauded U.S. Bancorp's reshuffling, saying it moves a group of young, talented people into positions of increased power and responsibility, and rationalizes the company's management structure in the wake of the 1997 merger of First Bank System and the former U.S. Bancorp of Portland, Ore.
"The bank did some cleaning out at the very top, which allows some deep talent to ripple up the ranks,'' said James R. Bradshaw, an analyst with Pacific Crest Securities in Portland, Ore. "This kind of thing builds real dynamism in a management team, because these people are young, aggressive, still hungry, and just starting to build their careers."
In other appointments announced Tuesday:
Andrew S. Duff, 41, was tapped to head U.S. Bancorp's institutional and private financial services functions. He will remain president of U.S. Bancorp Piper Jaffray.
Andrew Cecere, 39, was appointed head of corporate trust. Mr. Cecere will also lead the company's treasury management, leasing, international banking, and government banking functions, in addition to his responsibilities for wholesale banking operations, administration, and analysis.
Daniel M. Quinn, 42, assumes responsibility for regional commercial real estate in addition to his role overseeing middle-market commercial banking.
Daniel C. Rohr, 53, will oversee U.S. Bancorp Libra, which underwrites and trades high-yield securities for middle-market companies. Mr. Rohr will continue as head of corporate banking.
