U.S. Bancorp (NYSE: USB) recently announced a significant leadership appointment, naming Courtney Kelso as the senior executive vice president and head of Payments: Consumer and Small Business (PCS). This new role, effective February 3, will see Kelso overseeing personal and small business debit and credit cards, Elan, cobrand initiatives, and related functions, including business line risk and credit/collections. Kelso will report directly to company President Gunjan Kedia and will be based in New York.
A Visionary Leader for PCS
“What I enjoyed most about my initial interactions with Courtney was her energy, expertise, and vision,” said Kedia. “Her deep experience in consumer and small business payments will be an excellent complement to our organization, and she brings a level of professionalism that will help us refine and extend our attractive payments franchise. She and Mark Runkel, our head of Payments: Merchant and Institutional (PMI), will be strong allies in our efforts to grow.”
Kelso’s appointment is a strategic move aimed at strengthening U.S. Bancorp’s position in the competitive payments market. The PCS division she will lead is crucial to the bank’s overall operations, encompassing a diverse portfolio of payment solutions tailored to individual and small business needs. This role highlights the bank’s commitment to innovation and leadership in the payments sector.
An Accomplished Career
Kelso, 47, brings a wealth of experience to her new role, joining U.S. Bancorp from American Express. Over her 17-year tenure at American Express, she held various roles of increasing responsibility, focusing on consumer and small business payments. Her expertise spans payments strategy, branding, marketing, product management, delivery, and partnership development. Before her time at American Express, Kelso gained valuable insights and skills through roles at McKinsey & Company and Accenture.
Educationally, Kelso is well-equipped for her new role, holding a master’s degree in business administration from Harvard Business School and a bachelor’s degree in political science and policy studies from Rice University. Her leadership qualities extend beyond the corporate world; she is a former board member of the Women’s Forum of New York, reflecting her commitment to empowering women in leadership.
Transitioning Leadership in Payments
Kelso’s appointment comes as Shailesh Kotwal, U.S. Bancorp’s head of Payment Services, prepares for retirement in the first half of 2025. Kotwal has been instrumental in leading the company’s Payment Services division for nearly a decade. To address the growing size and strategic importance of this business area, U.S. Bancorp has opted to reorganize the division into two distinct entities: Payments: Consumer and Small Business (PCS) and Payments: Merchant and Institutional (PMI).
This structural change underscores the bank’s recognition of the evolving payments landscape and its commitment to delivering specialized solutions. Transition plans are already underway to ensure a seamless handover and continued operational excellence. By dividing the payment services into PCS and PMI, U.S. Bancorp aims to sharpen its focus on both consumer-facing and institutional payment solutions.
Strengthening U.S. Bancorp’s Market Presence
U.S. Bancorp’s decision to bring Kelso on board aligns with its broader strategy to enhance its payments franchise. Payments remain a cornerstone of the company’s operations, catering to a diverse customer base that spans individual consumers, small businesses, and large institutions. Kelso’s leadership is expected to bring fresh perspectives and innovative approaches to navigating the complex and dynamic payments industry.
The move also highlights the bank’s investment in top talent to drive its growth initiatives. With Kelso at the helm of PCS and Mark Runkel leading PMI, U.S. Bancorp is well-positioned to capitalize on emerging opportunities in the payments ecosystem. Their collaboration is anticipated to strengthen the bank’s competitive edge and deliver enhanced value to customers.
About U.S. Bancorp
Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association. As of September 30, 2024, the company boasts more than 70,000 employees and assets totaling $686 billion. U.S. Bancorp serves millions of customers through a diversified mix of businesses, including consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management. The company’s reach extends beyond the United States, serving customers globally with innovative solutions and exceptional service.
U.S. Bancorp has earned recognition for its commitment to ethical practices, digital innovation, and community engagement. Notably, it has been named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. These accolades reflect the company’s dedication to fostering trust and delivering excellence in every aspect of its operations.
A Future-Focused Organization
Kelso’s appointment is more than a leadership change; it signals U.S. Bancorp’s forward-looking approach to addressing the challenges and opportunities of the payments industry. The PCS division, under her guidance, will likely explore new avenues for growth, leveraging technology, data analytics, and customer insights to deliver tailored payment solutions.
Moreover, the collaboration between the PCS and PMI divisions is expected to drive innovation across the payments spectrum. This integrated approach will enable U.S. Bancorp to respond to the diverse needs of its customers while maintaining its reputation for excellence and reliability.
Courtney Kelso’s arrival at U.S. Bancorp marks an exciting chapter for the company. With her extensive experience, strategic vision, and commitment to excellence, she is poised to lead the PCS division to new heights. As U.S. Bancorp continues to evolve and adapt to the changing financial landscape, this leadership transition underscores its dedication to innovation, customer-centricity, and long-term growth.
With a strong foundation and a clear vision for the future, U.S. Bancorp is well-equipped to navigate the complexities of the payments industry and deliver exceptional value to its customers and stakeholders. For more information about the company and its initiatives, visit usbank.com/about.
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