Core Viewpoint - Gunjan Kedia is set to become the chair of U.S. Bancorp's board, adding to her role as CEO, which reflects a trend among large and midsize banks in the U.S. to consolidate these positions [1][10]. Leadership Transition - Kedia will assume the role of board chair on April 21, coinciding with U.S. Bancorp's annual meeting, following the retirement of Andy Cecere, the current executive chair [2][3]. - This transition marks a return to U.S. Bancorp's previous governance structure, as Cecere held both the chair and CEO roles for seven years before Kedia took over as CEO [2]. Industry Context - Among the 20 largest commercial banks in the U.S., only two, TD Bank Group and BMO Financial Group, maintain separate CEO and chair roles, both of which are based in Canada [4][10]. - The trend of consolidating the CEO and chair roles is more common in U.S. banks, with recent examples including Citi and Wells Fargo, where their CEOs also became board chairs [7][8]. Governance Insights - The appointment of a lead independent director is a common practice among banks that consolidate these roles, serving to balance management and address shareholder concerns [7]. - Historical context indicates that some banks previously split these roles in response to the 2007-2009 financial crisis, but recent trends show a shift back towards consolidation [9]. Recognition - Kedia was recognized as American Banker's No. 4 Most Powerful Woman in Banking last year, highlighting her influence and leadership within the industry [12].