MINNEAPOLIS - U.S. Bancorp announced Tuesday that president and chief executive officer Jerry A. Grundhofer will succeed John "Jack" F. Grundhofer as chairman Jan. 1.
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John Grundhofer, the CEO's brother, is retiring at yearend. He will become chairman emeritus and remain a director until his term expires in April 2004, the company said.
John Grundhofer, 63, has been chairman since Firstar Inc. of Milwaukee bought U.S. Bancorp in 2001 and took its name. He had been chairman, CEO, and president of the acquired company.
Jerry Grundhofer, 58, became president and chief executive of the new U.S. Bancorp and will keep those titles when he becomes chairman. Tuesday's announcement finalizes a succession plan put in place two years ago.
