U.S. Bank announced that Tim Welsh will join the company as its vice chairman of consumer banking sales and support on July 10.
Welsh replaces Kent Stone, who announced his retirement from the bank earlier this year.
“Tim is a well-known and highly regarded strategic thought leader in the financial services industry,” said Andy Cecere, U.S. Bank’s president and chief executive officer. “He is a strong fit for our culture, and his appointment to this role will enable us to continue to position the company for ongoing, sustainable growth.”
In his new role, Welsh will report to Cecere and will oversee the bank’s overall consumer and small business strategy and product management functions, 24-hour banking, mortgage and consumer lending and digital activities.
“Tim’s in-depth knowledge of the consumer and the ever-evolving expectations customers have for their experience with a financial institution are directly in line with our vision at U.S. Bank,” Cecere added. “His perspective is a great complement to our leadership team.”
Before joining U.S. Bank, Welsh spent 26 years with McKinsey Co., most recently serving as a senior partner, specializing in financial services and consumer experience. Welsh is one of only 30 senior partners elected to serve on McKinsey’s Shareholders Council, which is the firm’s board of directors.
Welsh is also a community advocate and a founder of the Itasca Project, a team of business, government and not-for-profit leaders dedicated to improving the quality of life in Minneapolis and St. Paul. In addition, Welsh is a board chair for Greater Twin Cities United Way and president of the board of trustees at St. Paul Academy and Summit School.