John F. Grundhofer (January 1, 1939 – January 24, 2021)Jack Grundhofer, chairman emeritus of U.S. Bancorp and Coachella Valley philanthropist, dies at 82 was a director of Donaldson Company, Securian Financial Group Inc., and BJ's Restaurant & Brewery. He served as Chairman (1990–1997 and 1999–2002), Chief Executive Officer (1990–2001) and President (1990–1999 and 2000–2001) of U.S. Bancorp (formerly First Bank System), a financial services provider. On retirement he was succeeded by his brother Jerry Grundhofer.
Early life He was a graduate of Loyola High School (Los Angeles) and Loyola Marymount University. He received an MBA in Finance from the University of Southern California.
Career During his tenure at U.S. Bancorp, Grundhofer was credited with transforming the institution from a regional bank into one of the nation's largest, emphasizing efficiency and strategic acquisitions. His leadership style emphasized cost control, leading to several high-profile mergers during the 1990's.
After retiring, Grundhofer chaired the board of the Guthrie Theater and served on the boards of the Minnesota Orchestra and the University of St. Thomas.
Personal life Grundhofer was purportedly kidnapped from a Minneapolis parking garage in November 1990. He escaped after being bound and stuffed in a sleeping bag. No one was ever charged in the kidnapping.
Grundhofer died on January 24, 2021, in Palm Desert California, at the age of 82.
See also List of kidnappings
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