U.S. Bank said Wednesday that Jodi Richard will become its vice chairman and chief risk officer, succeeding Bill Parker, who previously announced he would retire this year.
Richard will oversee risk management and compliance at the nation's fifth-largest bank. Richard has been the company's chief operational risk officer since Mary 2014. She will now join the bank's management committee and report to chief executive Andy Cecere.
"Jodi is a strong, capable leader who has helped us transform our operational risk approach," Cecere said in a statement. "She understands our culture and the importance we place on effective risk management."
The transition will officially take place Oct. 1, but the company said the handoff will begin in the next few weeks.
Before joining Minneapolis-based U.S. Bank, Richard spent 10 years as a risk management executive at HSBC. She worked for 12 years as a national bank examiner in the Office of the Comptroller of the Currency.