As a result, Judith T. Murphy has been promoted to senior vice president and director of investor relations for U.S. Bancorp, effective immediately.

In his new role, McCullough, 48, will help steer the organization's fast growing payment services division, including card issuing, card acquiring and ATM and debit transaction processing. He will report directly to Pamela Joseph, U.S. Bancorp vice chairman of the payment services division and chief executive officer of the company's wholly-owned payments subsidiary, NOVA Information Systems. McCullough directed investor relations since the merger of Firstar Corporation and U.S. Bancorp in 2001. Previously, he held positions in corporate development, financial analysis and planning, acquisition due diligence, external reporting and risk management.

"Mac has provided critical financial insight to U.S. Bancorp's executive leaders in his role as director of investor relations, and we look forward to extending that intellect to U.S. Bancorp's rapidly growing payments business," Joseph said. "We're fortunate and thrilled to see him join the payment services team."

Murphy, 51, has been with U.S. Bancorp since 1983 and has worked in investor relations since 1997. She has held positions in finance and planning, commercial loan administration and the comptrollers group. In her new role, she will be the primary contact for institutional investors and sell-side analysts and will report directly to David Moffett, vice chairman and chief financial officer of U.S. Bancorp.

"Judy has been an important part of our relationship with investors and analysts for many years and we welcome her expertise as director of investor relations," said Moffett. "This group is instrumental in the development and reporting of financial information and we have great confidence in Judy's leadership of this vital component of U.S. Bancorp's financial team. Additionally, this is a great opportunity for Mac to take on a new challenge and responsibilities within the organization."