Andy Cecere, currently president and chief operating officer, will succeed Richard Davis as CEO of U.S. Bancorp on April 18, 2017, the date of the bank’s 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 this succession process, Cecere was named COO in January 2015 and president in January 2016.
“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.”
Cecere has been with U.S. Bank since 1985. Prior to serving as president, he served as vice chairman and 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 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.”