Two longtime executives at U.S. Bancorp in Minneapolis on Friday announced their retirements, giving Chairman and CEO Andy Cecere a new opportunity to reshape his executive team.
P.W. Parker, who goes by Bill, will retire as chief risk officer in the fall. Parker has served in the role since late 2013 and, during his 34-year tenure at U.S. Bancorp, he has held a range of credit-related responsibilities on the commercial and retail sides of the company.
Additionally, Chief Human Resources Officer Jennie Carlson will retire at the end of the month. Carlson has served as top HR executive for 15 years. She was previously general counsel at Firstar and Star Banc Corp, predecessor companies to U.S. Bancorp.
Both Parker, 61, and Carlson, 57, were members of the executive committee at the $460 billion-asset U.S. Bancorp. The company has begun searching for their replacements, according to a press release announcing the retirements.
“Both Bill and Jennie have assembled strong teams to lead us into the future,” Cecere said. “I am sure that we will find suitable successors who will carry the mantle they have built.”
Since taking the helm, Cecere has made two executive moves. He appointed Kate Quinn, formerly its chief strategy officer, to the newly created post of chief administrative officer; and he named Timothy Welsh, as vice chairman of consumer banking sales and support, to replace retired executive Kent Stone.
U.S. Bancorp’s executive committee has recently seen a notable amount of turnover. According to the company’s website, six of the 14 members have joined the committee in the past two years.