Investing.com -- US Bancorp (NYSE:USB), the parent company of U.S. Bank National Association, appointed vice chairman Terry Dolan, current vice chairman, Wealth Management & Securities Services, as chief financial officer effective August 1.
The promotion comes following the resignation of CFO Kathy Rogers due to changing family circumstances. Rogers will remain with the company in her previous role as head of the company's Stress Test process, US Bancorp said in a statement, and will be based in Cincinnati full-time. Rogers will continue in her role as CFO through the transition and will take part in US Bancorp's second quarter earnings conference call on July 15.
"Executive development is an ongoing conversation at U.S. Bank. We are fortunate to have a Board of Directors that demands bench strength and leadership versatility,” said Richard Davis, chair and chief executive officer US Bancorp. "Terry is an exceptional leader who has held a variety of high-profile roles at the bank with a strong track record of delivering outstanding results. Terry will seamlessly transition into the CFO role, given his extensive financial background and the diverse experiences he has had with the bank."
Dolan, 53, has served as in his current role since July, 2010 after spending nine years as Executive Vice President of U.S. Bancorp beginning in January, 2002. Dolan was also employed as the bank's controller from September, 1998 to July, 2010. In addition, Dolan has served as Interim Chairman and CEO of U.S. Bancorp Community Development Corporation (CDC) since April, 2008.
Rogers, who became the company's CFO in January, 2015, joined U.S. Bancorp in 1987. With more than 3,100 banking offices in 25 states, U.S. Bank National Association is the fifth-largest commercial bank in the U.S.
Shares in U.S. Bancorp were inactive in after-hours trading. U.S. Bancorp closed the regular session at 41.68, down 0.28 or 0.67%.