$USB · US BANCORP \DE\
U.S. Bancorp filed an 8-K disclosing that Vice Chair and Chief Risk Officer Jodi L. Richard resigned effective immediately on October 23, 2026, to take a role at another publicly traded company. Chief Credit Officer Troy W. Remington will serve as interim CRO while a permanent successor search is conducted. The filing states the departure was not due to any disagreement on operations, policies, or practices.
- Vice Chair and Chief Risk Officer Jodi L. Richard resigned effective immediately on October 23, 2026.
- Richard is leaving to take a position at another publicly traded company.
- Chief Credit Officer Troy W. Remington will serve as interim Chief Risk Officer.
- The resignation was not due to any disagreement on operations, policies, or practices.
- U.S. Bancorp is undertaking a process to select and appoint a permanent successor CRO.
Extended-hours trading shows USB at $60.40, up +1.34% vs the regular close of $59.60, suggesting the market is not treating the CRO departure as a negative signal — consistent with the filing's explicit statement of no disagreement.
An immediate CRO departure at a top-5 U.S. bank by assets warrants attention even absent disagreement, given the role's centrality to regulatory compliance and risk governance.
C-suite risk officer turnover at large regional banks draws scrutiny given the heightened regulatory focus on risk management frameworks post-2023 banking turmoil.
An immediate CRO vacancy at a $93B bank creates transitional risk oversight gaps, even with an interim appointee. The permanent successor's risk management philosophy could shift the bank's credit and operational risk posture.