Umpqua Holdings announced, effective January 1, 2017, President and CEO Ray Davis will move into a new role as executive chair of the company’s board of directors. Cort O’Haver, currently president of Umpqua Bank, will succeed Davis as president and CEO, and will be elected to the company’s board of directors in January of 2017.

“As president and CEO, Ray has transformed Umpqua into one of the most distinctive financial institutions in the country, built a terrific management team and guided the company successfully through the worst economic crisis in recent history,” said Peggy Fowler, Umpqua Holdings board chair. “As we look to the future, the board’s focus has been to identify the right leader to build on the company’s strong foundation, and Cort is clearly that person. His deep expertise in banking and passion for the company’s customer experience and culture are unmatched, and the board has great confidence that he will lead Umpqua to continued success.”

Davis, 67, will become the board’s executive chair after more than 20 years leading Umpqua through an extraordinary period of growth and innovation. Under his leadership, Umpqua has grown from $150 million in assets in 1994 to more than $24 billion in assets today, and pioneered a distinctive customer experience and corporate culture that have become iconic in the banking industry. Beginning January 1, 2017, in addition to serving as board chair, Davis will continue to oversee the company’s innovation subsidiary, Pivotus Ventures, while working with O’Haver to advance key strategic initiatives and ensure a seamless CEO transition.

O’Haver joined Umpqua as executive vice president of commercial banking in 2010, bringing more than 25 years of banking experience to the company. Since then, he successfully diversified Umpqua’s commercial business and capabilities, adding international banking, equipment leasing and debt capital markets divisions, while also managing geographic expansion into new markets. Earlier this year, he was promoted to president of Umpqua Bank.