Alan B. Colberg Joins U.S. Bancorp Board of Directors

Rhea-AI Summary

U.S. Bancorp has elected Alan B. Colberg as a new board director, effective immediately, adding depth in financial services and risk management. Colberg, with extensive experience, served as CEO of Assurant from January 2015 to December 2021 and has held significant leadership roles at Bain & Company. His appointment is seen as a strategic move to enhance U.S. Bancorp's growth and innovative product offerings, as highlighted by CEO Andy Cecere. Colberg also holds a board position at Corebridge Financial, demonstrating his ongoing involvement in the financial sector.

Positive

• Colberg's extensive experience in financial services and risk management could strengthen board oversight.
• His leadership background at Assurant may introduce innovative product strategies that benefit U.S. Bancorp's growth.

Negative

• Potential concerns about continuity and experience gaps as a new director joins the board.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp announced today that its board of directors elected Alan B. Colberg as a director of the company, effective immediately. He will serve on U.S. Bancorp’s Audit and Public Responsibility Committees.

Colberg, 61, served as Chief Executive Officer and as a member of the board of directors of Assurant, Inc., from January 2015 until December 2021, and as its president from 2014 to May 2021, prior to his retirement from Assurant in January 2022. Prior to those roles, he served as Assurant’s Executive Vice President of Marketing and Business Development. Before joining Assurant in 2011, he spent more than 20 years at Bain & Company, Inc., including leading its global financial services practice.

“Alan brings deep financial services and risk management experience to our Board, which will benefit U.S. Bank as we continue to grow,” said Andy Cecere, U.S. Bancorp chairman, president and CEO. “In particular, his experience with innovative products aimed at helping customers will be of benefit to our Board and our Managing Committee.”

Colberg is also a member of the Board of Directors of Corebridge Financial, Inc., formerly AIG Life & Retirement.

About U.S. Bank

U.S. Bancorp, with approximately 70,000 employees and more than $601 billion in assets as of September 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. Union Bank consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230124005981/en/

Investor contact: George Andersen, U.S. Bancorp Investor Relations

george.andersen@usbank.com, 612.303.3620

Media contact: Jeff Shelman, U.S. Bancorp Public Affairs and Communications

Jeffrey.shelman@usbank.com, 612.303.9933, @usbank_news

Source: U.S. Bancorp

FAQ

Who is the new director elected by U.S. Bancorp?

U.S. Bancorp has elected Alan B. Colberg as a new director.

What experience does Alan B. Colberg bring to U.S. Bancorp?

Colberg brings extensive experience from his roles at Assurant and Bain & Company.

What committees will Alan B. Colberg serve on at U.S. Bancorp?

Colberg will serve on U.S. Bancorp’s Audit and Public Responsibility Committees.

When was Alan B. Colberg appointed to the U.S. Bancorp board?

Colberg's appointment was effective immediately as of the announcement date.

What is U.S. Bancorp's market position?

U.S. Bancorp is a leading financial services company with over $601 billion in assets as of September 30, 2022.