SAN FRANCISCO -- In the latest senior management change at U.S. Bancorp, Kevin R. Kelly has resigned as president of the Portland, Ore.-based company, effective now.
The departure of the 44-year-old Mr. Kelly was expected. As U.S. Bancorp has shifted focus from growth to improvement of existing operations, Mr. Kelly became increasingly frustrated.
Known for being outspoken, Mr. Kelly raised eyebrows by publicly expressing his restlessness after he switched 14 months ago from chief of U.S. Bancorp's lead Oregon bank to a job as second-ranking executive at the holding company.
Started as Economist
Mr. Kelly, formerly a college professor, joined U.S. Bancorp in 1978 as an economist. As he moved into management, he became responsible for planning and product development, leading the company into such new business areas as insurance.
In a telephone interview, Mr. Kelly said that, with U.S. Bancorp focused on streamlining operations, his sole had diminished. …