Executive Chairman Richard Davis to retire from the Board of
Directors at Annual Shareholders Meeting
MINNEAPOLIS--(BUSINESS WIRE)--Jan. 16, 2018--
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,
President and Chief Executive Officer (CEO), has been named Chairman of
the Board of Directors, effective at the Annual Meeting of Shareholders
in April 2018. Richard Davis, Executive Chairman, will retire from the
Board of Directors at that time. David O’Maley will continue in his role
as the Board’s Lead Independent Director.
“The Board of Directors has tremendous confidence in Andy’s ability to
execute on our growth strategy and create long-term value for our
shareholders, customers and communities,” O’Maley said. “Andy’s
transition to CEO has been seamless and the company is performing well.
His leadership is well respected by this Board and among the company’s
many different stakeholders. We look forward to maintaining this
continuity of governance and we know that Andy’s leadership will help
U.S. Bank preserve its industry-leading financial performance, strong
culture and engaged workforce.”
O’Maley continued: “On behalf of the Board of Directors and everyone at
U.S. Bank, we would like to thank Richard for his 42 years of dedicated
service to this great company and the entire banking industry. His list
of achievements is extensive; however, his most lasting and remarkable
success is the positive impact he’s made on every person he’s
encountered in banking. He cares deeply about helping people, businesses
and communities pursue their most ambitious dreams. And, his legend as a
banker is surpassed only by the strength of his character. We wish
Richard the very best as he pursues his life’s passions later this year.”
Cecere has been with U.S. Bank since 1985. He was named CEO in January
2017 and he has served as President 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 U.S. Bancorp’s next Chairman,” Cecere said.
“Having partnered with Richard for more than 11 years, I feel well
prepared to assume this new responsibility and lead U.S. Bank into its
next generation of banking excellence. I am grateful for the support of
our exceptional directors, the leadership from my experienced management
team, and the hard work and integrity our bankers demonstrate every day.
We will continue to deliver an industry-leading financial performance –
and we will do it with ethics and integrity as we work to become the
most trusted choice for all our stakeholders.”
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $459 billion in assets
as of September 30, 2017, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,072 banking offices in 25 states and 4,801 ATMs, and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
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Source: U.S. Bancorp
U.S. Bancorp
Dana E. Ripley, 612-303-3167
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