Current Report Filing (8-k)
February 27 2015 - 9:35AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported):
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February 24, 2015
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U.S. Bancorp
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(Exact name of registrant as specified in its charter)
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Delaware
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1-6880
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41-0255900
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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800 Nicollet Mall, Minneapolis, Minnesota
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55402
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code:
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651-466-3000
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Not Applicable
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
On February 27, 2015, U.S. Bancorp (the "Company") announced the hiring of Shailesh Kotwal as Vice Chairman, Payment Services. Mr. Kotwal will succeed Pamela A. Joseph, the Company’s current Vice Chairman, Payment Services, who has informed the Company that she plans to retire in mid-2015, following an orderly transition of her function. Mr. Kotwal is expected to join the Company at the end of the first quarter.
A copy of the press release issued by the Company on February 27, 2015, announcing Mr. Kotwal’s hiring and Ms. Joseph’s retirement is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated February 27, 2015
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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U.S. Bancorp
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February 27, 2015
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By:
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/s/ James L. Chosy
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Name: James L. Chosy
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Title: Executive Vice President, General Counsel and Corporate Secretary
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Exhibit Index
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Exhibit No.
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Description
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99.1
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Press release dated February 27, 2015
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News Release
Shailesh Kotwal Hired as Vice Chairman, Payment Services for U.S. Bank;
Kotwal Will Succeed Pamela Joseph Following her Planned Retirement
MINNEAPOLIS February 27, 2015 U.S. Bank (NYSE: USB), the fifth largest commercial bank in
the United States, announced today that Shailesh Kotwal has been hired as vice chairman, Payment
Services, U.S. Bank. He will join U.S. Bank at the end of the first quarter and will report to Andy
Cecere, vice chairman and chief operating officer, U.S. Bank.
Kotwal will succeed Pamela Joseph, currently vice chairman, Payment Services, who plans to retire
from U.S. Bank in mid-2015. Joseph has been with U.S. Bank for more than 10 years. Kotwal has more
than 25 years of experience in the Payments industry.
We congratulate Pam on a tremendous career at U.S. Bank and for propelling us into a strong
leadership position in the Payment Services marketplace, said Richard K. Davis, chairman,
president, and chief executive officer, U.S. Bank. One of Pams 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. For
now, it is business as usual as we work toward a seamless leadership transition to Shailesh in the
weeks ahead.
I have treasured my years with U.S. Bank and have the utmost confidence in Shailesh, and the
entire Payment Services leadership team, to continue creating exceptional value for all of our
customers, Joseph said. I am excited to begin this next phase of my journey and wish all my
colleagues the very best in the years ahead.
Kotwal has an extensive background in the payments industry having spent years in executive
leadership roles with TD Bank, Fidelity National Information Services (eFunds), and American
Express establishing a track record for financial performance combined with innovation and business
development. He holds a Bachelors Degree in Commerce from Bombay University and is a Chartered
Accountant. Kotwal will join U.S. Banks Managing Committee.
We are very pleased to have someone of Shaileshs caliber joining the U.S. Bank management team to
lead our Payments organization through its next phase of growth and expansion, Cecere said. The
Payments industry is rapidly evolving and it is one of our strongest and fastest growing business
lines. Shailesh will complement the solid global leadership team that we have in place as we
continue our commitment to helping our payments customers manage their financial futures.
Kotwal added: U.S. Bank has a dominant presence in the Payments business. It is truly a privilege
to join this outstanding franchise with such an impressive performance and a very promising future.
I look forward to joining the team and helping deliver safe, secure, and innovative payment
solutions for our retail, corporate, and merchant customers across the globe.
About U.S. Bank
U.S. Bancorp (NYSE: USB) with $403 billion in assets as of December 31, 2014, is the parent company
of U.S. Bank National Association, the 5th largest commercial bank in the United States. The
Company operates 3,176 banking offices in 25 states and 5,022 ATMs and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
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Contacts:
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Dana E. Ripley
Corporate Communications
(612) 303-3167
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Sean OConnor
Investor Relations
(612) 303-0778 |
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