U.S. Bank wealth management exec promoted to CFO

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The head of U.S. Bank's wealth management and securities services division is moving up the executive ranks.

Terry Dolan was named chief financial officer on Monday and will report to the bank's chairman and chief executive officer Richard Davis. He assumes his new role on Aug. 1.

Dolan replaces Kathy Rogers, who is stepping down as chief financial officer due to "changing family circumstances and the need to be in Cincinnati full-time," the bank said in an announcement.

Dolan has been head of wealth management and securities services since July 2010. Prior to that, he served as the bank's controller. Over the course of his 18-plus-year career at U.S. Bank, Dolan led a variety of functions, including accounting and related operations, finance, tax, corporate insurance, corporate development and business integration, where he was responsible for a variety of merger and acquisition activities.

The bank praised his leadership of the wealth management and securities services business, claiming that revenues and profits grew approximately 30% and 18%, respectively, during his tenure.

The bank had not yet identified a replacement to fill Dolan's former role, it said.

"Terry is an exceptional leader who has held a variety of high-profile roles at the bank with a strong track record of delivering outstanding results," Davis said in a statement.

Rogers will remain with U.S. Bank in her previous role as head of the stress-test process. She will continue her responsibilities as chief financial officer until Aug. 1 and will participate in the second-quarter earnings results conference call on July 15.

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Terry Dolan Richard Davis U.S. Bank