The executive in charge of U.S. Bank's retail branches will retire next spring, and the company said Wednesday his departure will trigger a transition in leadership ranks that will include the creation of a chief digital officer position.
John Elmore, 62, is leaving after 30 years at Minneapolis-based U.S. Bank. He has been a vice chairman and senior executive in charge of its 3,045 branches in 25 states since March 2013.
"John is an exceptional leader who will leave behind a distinguished legacy of professional achievement and personal integrity," Andy Cecere, chief executive of U.S. Bancorp, the bank's parent company, said in a statement.
With the departure, U.S. Bank will combine the two business units that encompass its retail bank operations, one called Community Banking and Branch Delivery and the other called Consumer Banking Sales and Support, into a new unit called Consumer and Business Banking.
Tim Welsh, vice chairman for the Consumer Banking Sales and Support unit, will lead the combined unit and continue reporting to Cecere.
In addition, the company will begin looking for a chief digital officer, a new position at the company that will influence how U.S. Bank interacts with consumers in the future and form other digital strategies. The new executive will also report to Cecere.
Like many businesses, U.S. Bank is adjusting to how digital technology allows customers to interact with it differently, pushing it to create new products and services via digital devices while preserving much of its traditional face-to-face work.
For more than a year, the company has publicly declared itself to be a "digital first" company and told investors to expect more capital spending on technology-related initiatives. The creation of the chief digital officer position is another step in that process.
"John's departure provides us with an opportunity to rethink our retail banking organization and to create the best possible structure that aligns with our vision for the future," Cecere said. "The banking industry is in a period of dynamic change and it is important for U.S. Bank to continue evolving."