MINNEAPOLIS--(BUSINESS WIRE)--Jan. 17, 2017--
U.S. Bancorp (NYSE: USB), parent company of U.S. Bank, the fifth largest
commercial bank in the United States, announced today that Andy Cecere,
currently President and Chief Operating Officer (COO), will succeed
Richard Davis as Chief Executive Officer (CEO) 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 and well-orchestrated 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.
“Andy is one of the strongest and most capable leaders in the banking
industry. The Board and I are confident that he is the right choice to
lead U.S. Bank into its next period of growth,” Davis said. “Andy has
tremendous intellect and business insight, which will help him maintain
U.S. Bank’s industry-leading financial strength and financial
performance. He also has an innate curiosity, which will challenge the
organization to focus on innovations that improve the customer
experience. 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. The
future is bright for U.S. Bank’s employees, customers, communities, and
shareholders under Andy’s leadership.”
Davis added: “At age 48, I was named CEO of a great institution called
U.S. Bank. Serving as CEO for the past 10 years has been the most
rewarding and fruitful period of my 41-year career as a banker. I have
been investing my heart and mind in the mission of this exceptional bank
and these outstanding U.S. Bankers every day. Now, in addition to
serving as Executive Chairman, I am enthusiastic about investing energy
in a new, yet-to-be determined service mission in the future.”
As Chief Executive Officer, Cecere will be responsible for U.S. Bank’s
day-to-day management, financial performance, its long-term growth
strategy, and reinforcing its culture of ethics and integrity. To ensure
a seamless leadership transition, Davis will continue to have an active
role as Executive Chairman in leading the Board and facilitating
Cecere’s transition.
“On behalf of the Board of Directors, I would like to congratulate Andy
on this career achievement. We know he is ready for this challenge and
will extend U.S. Bank’s reputation as one of the strongest banks in the
country,” said Art Collins of U.S. Bancorp’s Board of Directors. “At the
same time, I would like to thank Richard for his exceptional and
unmatched leadership as CEO of U.S. Bank over the past 10 years. He has
structured a business that allows the bank to serve a broad array of
customers as they build financially secure futures. He has invested
tirelessly to improve and revitalize his communities. He has represented
the banking industry with integrity and grit. He has consistently
created value for shareholders – even in the midst of the country’s
grueling recession. Most importantly, Richard has served his employees
with relentless pride and dedication. U.S. Bank has a strong foundation
for the future thanks to his steadfast leadership.”
Cecere has been with U.S. Bank since 1985. He has served as President
and COO since January 2016. Prior to that, he served as Vice Chairman
and Chief Financial Officer, and Vice Chairman of Wealth Management and
Securities Services. He received his MBA from the Carlson School of
Business at the University of Minnesota and his undergraduate degree
from the University of St. Thomas in St. Paul, Minn. Demonstrating his
commitment to higher education, Cecere serves on the Board of Overseers
of the Carlson Schoolof Management at the University of Minnesota and
on the Board of Trustees for the University of St. Thomas.
“I am honored to be named the next CEO of U.S. Bank,” Cecere said. “I am
passionate about U.S. Bank and committed to our legacy of excellence. I
will devote my very best to our employees, customers, communities, and
shareholders. Working closely with U.S. Bank’s exceptional and
experienced management team, we will continue to deliver a consistent,
predictable, and repeatable financial performance – and we will do it
with ethics and integrity as we work to become the most trusted choice
for all our stakeholders. 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.”
About U.S. Bank
Minneapolis-based U.S. Bancorp, with $454 billion in assets as of Sept.
30, 2016, is the parent company of U.S. Bank National Association, the
fifth-largest commercial bank in the United States. The company operates
3,114 banking offices in 25 states and 4,875 ATMs and provides a
comprehensive line of banking, investment, mortgage, trust and payment
services products to consumers, businesses and institutions.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170117006207/en/
Source: U.S. Bancorp
U.S. Bancorp
Media:
Dana E. Ripley, 612-303-3167
or
Investors/Analysts:
Jen
Thompson, 612-303-0778