U.S. Bank recently announced the retirement of John Elmore, a banking industry veteran and its vice chairman of community banking and branch delivery.
Following Elmore's retirement, the bank said it plans to combine its community banking and branch delivery and consumer banking sales and support organizations.
According to the bank's press release, Elmore is expected to retire from his role in March 2019. Elmore, a 38-year banking industry veteran, has been with U.S. Bank for the majority of his career.
U.S. Bank Chairman, President and CEO Andy Cecere said Elmore is an exceptional leader leaving behind a distinguished legacy of professional achievement and personal integrity.
"Over the years, John has touched the lives of thousands of employees and customers with his passion for banking, his dedication to serving others and his gift for mentorship. We wish him the very best in his retirement," Cecere said.
Following Elmore's retirement, Tim Welsh, the bank's current vice chairman of consumer banking sales and support, will lead the new, combined organization, called consumer and business banking.
“Tim is an outstanding leader with a strong customer focus, and he is helping us make great strides in our evolution,” Cecere added.
Cecere said the new simplified structure will allow the bank to operate more effectively and efficiently, “particularly at a time when innovation and speed to market is essential.”
This is not the first round of retirement announcements for the bank. Earlier this year, Chief Risk Officer Bill Parker and Chief Human Resources Officer Jennie Carlson announced they would retire by the end of 2018.
The company also announced the creation of a new position, chief digital officer. The position will focus on leading digital strategy companywide. Although the role has yet to be filled, a search is underway. According to Cecere, the chief digital officer will become a member of the managing committee and report directly to him.
"In order for us to truly become a digital-first bank with a One U.S. Bank perspective, we need to make sure our processes, capabilities, technologies, talent and innovation-formula are optimal,” Cecere stated. “The chief digital officer role is a key step forward in our vision for the future."