U.S. Bancorp, the fifth largest commercial bank in the U.S., announced it is promoting its current Chief Operating Officer Andrew Cecere to succeed CEO Richard Davis on April 18, the annual meeting of shareholders.
Davis will continue as executive chairman after the succession, and Cecere was also elected to the company’s board of directors.
After 10 years as the company’s CEO, Davis will hand the reigns to Cecere, who was promoted to COO in January 2015 and to president in January 2016. In fact, for the past 10 years Davis and Cecere partnered to lead the company.
“Andy is one of the strongest and most capable leaders in the banking industry,” Davis said. “The Board and I are confident that he is the right choice to lead U.S. Bank into its next period of growth.”
“I am grateful to pass the torch to such a qualified leader who shares my commitment to U.S. Bank's culture and core values,” he said. “The future is bright for U.S. Bank's employees, customers, communities, and shareholders under Andy's leadership.”
Davis also spoke about his own time as CEO of the company, calling it the most rewarding period of his career.
“At age 48, I was named CEO of a great institution called U.S. Bank,” he said. “Serving as CEO for the past 10 years has been the most rewarding and fruitful period of my 41-year career as a banker.”
Cecere will be responsible for the bank’s day-to-day management, financial performance, long-term growth strategy and reinforcing its culture. While Davis may be handing over the reins, he will still play an active role on the board to facilitate a smooth transition.
Prior to joining U.S. Bank in 1985, Cecere served as in roles such as vice chairman, chief financial officer and vice chairman of wealth management and securities services.
“I am honored to be named the next CEO of U.S. Bank,” Cecere said. “I will devote my very best to our employees, customers, communities, and shareholders.”
Cecere also thanked Davis for his leadership saying, “I would also like to thank Richard for his years of mentorship and for modeling constructive leadership for the entire organization. I am fortunate that our partnership will continue in his role as executive chairman.”