Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 1

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 1
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 remain focused on doing the right thing. For 10 consecutive years, the Ethisphere Institute has named U.S. Bank to its World’s Most Ethical Companies ®list. We are proud of this achievement because it is a reflection of our dedication to a culture of integrity and putting our clients first. As I prepare to pass the leadership of this wonderful company to Gunjan Kedia when she succeeds me as CEO following our annual meeting, I am thankful for the trust you have placed in me and optimistic for the next milestones ahead. Gunjan is a terrific leader who understands our business, is skilled in strategic execution, and is driven to help the organization perform at our best. After nearly 40 years at U.S. Bancorp, I am confident in Gunjan and the entire Managing Committee and their ability to lead our company into a bright future. I am honored to remain as Executive Chairman beginning in April and to help ensure a smooth and seamless leadership transition for our company. Thank you for the continued trust you place in us as shareholders of our company. Andrew Cecere
Chairman and Chief Executive Officer March 5, 2025

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | ​ | ​ |

TABLE OF CONTENTS A message from our Lead Independent Director Fellow shareholders: It is an honor to continue to serve as the Lead Independent Director of our Board of Directors. This is a particularly exciting time to serve on our Board. Following the successful execution of a deliberate, multi-year process led by the Board’s Governance Committee, the Board and the company announced that Gunjan Kedia will succeed Andy Cecere as Chief Executive Officer following our 2025 annual shareholders’ meeting. Gunjan has more than 30 years of experience in the financial services industry, serving most recently as the company’s president and having previously led our Wealth, Corporate, Commercial and Institutional Banking and Wealth Management and Investment Services business lines. She has been an influential leader at the company since 2016, and the Board believes in her vision for growth. I also want to thank Andy for his service for almost 40 years at U.S. Bancorp, including nearly eight years of leadership as CEO, during which time he has led the company through a dynamic economic and regulatory environment, maintained a strong culture of financial and risk discipline, broadened the company’s scale through the successful completion of the MUFG Union Bank acquisition and key partnerships, and made strategic investments in the business in areas like digital and technology to position the company for growth