Pamela Joseph, U.S. Bancorp's vice chair of payment services and a 10-year veteran of the Minneapolis-based bank, plans to retire in mid-2015.

Joseph will be succeeded by Shailesh Kotwal, who is scheduled to join the bank at the end of the first quarter. Kotwal's experience in the payments industry includes executive roles at TD Bank, Fidelity National Information Services and American Express.

Joseph has been on the front lines as U.S. Bank responds to the myriad technology challenges impacting the payments industry. She has been repeatedly honored as one of PaymentsSource's Most Influential Women in Payments and one of American Banker's Most Powerful Women in Banking.

"One of Pam's most significant and lasting contributions to U.S. Bank is the strong leadership team she has established across her global organization, which will allow us to continue expanding our presence in the payments market," Richard K. Davis, U.S. Bancorp's chairman, president and chief executive, said in a press release Friday.

Most recently, Joseph was involved in U.S. Bank's response to the release of Apple Pay, which she says will breathe new life into prior mobile payment plays that didn't pan out, such as contactless payments and wearables.

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