Andy Cecere to Succeed Richard Davis as U.S. Bancorp Chief Executive Officer at April Annual Meeting; Davis to Continue as Ex...
18 January 2017 - 4:45AM
Business Wire
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 School of
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.
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U.S. BancorpMedia:Dana E. Ripley,
612-303-3167orInvestors/Analysts:Jen Thompson, 612-303-0778
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