Elavon, a wholly owned subsidiary of U.S. Bank (NYSE: USB), has appointed Wally Mlynarski as chief executive officer, according to a company statement.

Mlynarski most recently led merchant services and receivables at Bank of America. He previously spent seven years with U.S. Bank supporting Elavon, where he held leadership roles including chief product officer. He will report to Mark Runkel, vice chair and head of Payments: Merchants and Institutional at U.S. Bank.

Mlynarski succeeds Jamie Walker, who served as Elavon CEO since 2017 and is transitioning to lead U.S. Bank's newly created digital assets and money management organization.

Elavon processes more than $576 billion in transactions worldwide annually and provides payment processing solutions to more than two million customers in the United States, Europe, and Canada. The company serves eight of the top 10 global airlines and seven of the top 10 largest U.S. hotel brands.

Mlynarski holds a bachelor's degree in computer engineering from the Georgia Institute of Technology. He is active in the Electronic Transactions Association and American Transaction Processors Coalition.

U.S. Bank is the fifth-largest commercial bank in the United States and serves 15 million clients throughout the U.S., Canada and Europe with nearly 70,000 employees.