MINNEAPOLIS — U.S. Bancorp, parent company of U.S. Bank, the fifth-largest commercial bank in the United States, says Andy Cecere, currently president and chief operating officer, will succeed Richard Davis as chief executive officer on April 18, 2017, the date of the annual meeting of shareholders.
Davis, currently chairman and CEO, will continue as executive chairman following this succession. Cecere has also been elected to the board of directors of U.S. Bancorp.
Davis has been CEO since December 2006 and chairman since December 2007. As part of a long-planned succession process managed by U.S. Bancorp’s board, Cecere was named COO in January 2015 and president in January 2016. For the past 10 years, Davis and Cecere have partnered to lead the company to deliver on its core strengths of financial discipline and ethical business practices.
Cecere has been with U.S. Bank since 1985.
Minneapolis-based U.S. Bancorp, which had $454 billion in assets as of Sept. 30, 2016, is the parent company of U.S. Bank National Association. The company operates 3,114 banking offices in 25 states and 4,875 ATMs, including a number throughout Southwestern Illinois.
— From the Illinois Business Journal