U.S. Bancorp, parent company of U.S. Bank, has announced that Andy Cecere will succeed former National Settlement Services Summit (NS3) keynote speaker Richard Davis as CEO, effective April 18, the date of the company’s annual meeting of shareholders.
Davis, who has been CEO since December 2006 and chairman since December 2007, will continue with the company as executive chairman of the board and facilitate Cecere’s transition, the company stated. Davis was the keynote speaker at the 2015 NS3 conference in Atlanta.
As CEO, Cecere will be responsible for day-to-day management, financial performance, long-term growth strategy, and the reinforcement of U.S. Bank’s “culture of ethics and integrity,” according to a company press release. Currently, Cecere is president and chief operating officer (COO), a position he’s held since January 2015, at U.S. Bank, the fifth-largest commercial bank in the United States.
“Andy is one of the strongest and most capable leaders in the banking industry,” Davis said in a press release. “The board and I are confident that he is the right choice to lead U.S. Bank into its next period of growth. 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.”
The move is part of a “long-planned and well-orchestrated succession process managed by U.S. Bancorp’s Board,” the press release states.
“At age 48, I was named CEO of a great institution called U.S. Bank,” Davis added. “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.”
Cecere has been with U.S. Bank since 1985. Prior to becoming COO, 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 in the press release. “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.”