U.S. Bancorp (USB) in Minneapolis has picked its next corporate treasurer.

John Stern will take over the job on July 1, the $354 billion-asset company said Wednesday. Stern is currently senior vice president and manager of corporate funding. He has been with U.S. Bancorp since 2000.

Stern succeeds Kenneth Nelson, who announced his retirement. Nelson has been executive vice president and corporate treasurer since 2008. He joined U.S. Bancorp in 1984.

"[Stern] has been a valuable member of the treasury team for 12 years," Chief Financial Officer Andy Cecere said in a news release. "His knowledge, experience and leadership skills make him an excellent choice …and I look forward to partnering with him over the coming years."

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