US Bancorp director resigns due to health reasons

MINNEAPOLIS - Kimberly J. Harris, a member of the board of directors at US Bancorp (NYSE:USB), a $68.1 billion market cap financial institution trading at a P/E ratio of 11.56, has resigned from her position effective immediately, as informed by the company in a recent SEC filing. The resignation was reported on March 24, 2025, and is attributed to personal health concerns.

Harris, whose tenure and contributions to the board were appreciated, cited the need to focus on her health and recovery from a recent medical issue as the reason for her departure. The company clarified that her resignation was not related to any disagreements with US Bancorp’s operations, policies, or practices. According to InvestingPro, US Bancorp has maintained dividend payments for 55 consecutive years and has raised its dividend for 14 straight years, demonstrating strong corporate governance and financial stability.

The announcement comes ahead of the company’s 2025 annual meeting of shareholders, where Harris will no longer stand for re-election. US Bancorp, headquartered in Minneapolis, Minnesota, is a prominent player in the banking sector, listed on the New York Stock Exchange under the ticker (NYSE:USB). The company’s next earnings report is scheduled for April 16, 2025, with InvestingPro analysts forecasting improved profitability for the year.

The filing with the Securities and Exchange Commission ensures transparency and provides shareholders with timely information regarding changes within the company’s governance structure. The bank’s securities, including common stock and various series of preferred stock, continue to be traded actively on the NYSE.

As per standard procedure, the company’s Senior Executive Vice President and General Counsel, James L. Chosy, signed off on the report. The company has not yet announced a successor or provided details on the process for filling the now-vacant board seat.

This development is part of the natural ebb and flow of corporate governance, with personal circumstances sometimes necessitating changes in leadership. US Bancorp’s disclosure of this event reaffirms its commitment to corporate transparency and governance. For detailed analysis and additional insights, investors can access the comprehensive US Bancorp research report, one of 1,400+ deep-dive reports available on InvestingPro.

The information in this article is based on a press release statement from US Bancorp filed with the SEC.

In other recent news, U.S. Bancorp (BVMF:USBC34) has announced its regular dividend payments, with a quarterly dividend of $0.50 per common share to be paid on April 15, 2025. This amounts to an annual dividend of $2.00 per common share. Additionally, Citi analysts have maintained a Buy rating on U.S. Bancorp with a price target of $65.00, citing an expected 3.5% revenue growth and a projected increase in net interest income. Meanwhile, Piper Sandler has adjusted its price target for U.S. Bancorp to $55.00 from $58.00, maintaining an Overweight rating and noting an increase in the estimated earnings per share for 2025.

U.S. Bancorp has also announced executive changes, with Shailesh M. Kotwal ending his role as Vice Chair of Payment Services and Scott W. Wine deciding not to seek re-election to the Board. The company has not yet named successors for these roles. Additionally, Gunjan Kedia is set to succeed Andy Cecere as CEO in mid-April, with Cecere transitioning to executive chairman. Kedia’s appointment is part of a strategic succession plan managed alongside Cecere to ensure a smooth leadership transition.

These developments reflect U.S. Bancorp’s ongoing efforts to navigate the competitive financial landscape and maintain shareholder value. The company is also planning to conduct approximately $100 million in stock buybacks during the first quarter, with a total of around $1.6 billion expected for the year. Investors are closely watching these changes and strategic plans as U.S. Bancorp continues to position itself for future growth.

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