U.S. Bank, the fifth-largest commercial bank in the United States, announced that its chief risk officer, P.W. (Bill) Parker, 61, and its chief human resources officer, Jennie Carlson, 57, will retire from the company. Searches are underway for their successors.

"I have had the pleasure of working with Bill for decades, and I will miss his insight, counsel and humor. He has been a steadying influence on our Managing Committee for years. He is guided by a belief in doing what is right, and he has shaped our risk organization during a time of tremendous change. The infrastructure he developed will guide us well in the future," said Andrew Cecere, chairman, president and CEO of U.S. Bank. "Under Jennie's leadership, we have placed more of an emphasis on the importance of engagement, diversity and inclusion, and talent development. Both Bill and Jennie have assembled strong teams to lead us into the future. I am confident that we will find suitable successors who will carry the mantle they have built as we create value for our shareholders."

Parker graduated from Amherst (Mass.) College and received his master's of business administration degree from Dartmouth (N.H.) College. He came to U.S. Bank in 1984, beginning his career as a commercial lending officer. He grew and expanded his oversight over the years, serving as senior credit officer in retail and wholesale banking before being named chief credit officer in 2007. He assumed his current post in late 2013. Outside of the company, Parker has been an active community advocate, serving on the board for the Ordway Center for the Performing Arts and Como Friends in St. Paul, Minn., Summit Academy in Minneapolis, Minn., and Hazelden Betty Ford Foundation.

Carlson has been with U.S. Bank and its predecessor banks for 27 years, serving for the last 15 as the head of human resources. She was previously general counsel at Firstar and Star Banc Corporation. She remains close to her alma maters, Vanderbilt University School of Law and Centre College of Kentucky. She also is active in the community, serving on the board of the Minneapolis Institute of Art, the YUSA (which is the parent organization of the YWCA in the United States), Centre College, and Way to Grow. She is the co-chair of the Step-Up organization and a member of the Itasca working group in Minnesota.

Parker intends to remain with the organization through the fall, while Carlson will leave by the end of June.