- After around ten years on the job
- Laud, praise and thanks for Davis
- Andy Cecere taking over
- Davis will remain as Executive Chairman at U.S. Bancorp
(management-change.com) — Minneapolis, Minnesota, January 17, 2017 — This news came the day after Martin Luther King, Jr. Day. Richard Davis, chief executive of U.S. Bancorp, leaves the position. As announced by U.S. Bancorp in a news release and in a regulatory filing published on Tuesday, January 17, 2017, Richard Davis leaves the post as Chief Executive Officer at the financial services holding company after around ten years on the job, effective April 18, 2017.
It is the end of an era.
Davis’ duties are taken over by Andy Cecere, currently President and Chief Operating Officer at U.S. Bancorp.
U.S. Bancorp is the parent company of U.S. Bank, the fifth largest commercial bank in the United States.
“Long-planned and well-orchestrated succession process”
The management change is explained as follows. U.S. Bancorp said: “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.”
U.S. Bancorp said: “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 will remain as Executive Chairman at U.S. Bancorp
Davis, who is currently serving as Chairman and Chief Executive Officer of U.S. Bancorp and U.S. Bank, will continue his service on the Board as Executive Chairman, effective April 18, 2017.
Share price rise since March 2009
The change follows a rise in the share price of U.S. Bancorp since March 2009.
On the job as CEO since 2006
Davis has been CEO since December 2006 and Chairman since December 2007.
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.
Davis also served as President from October 2004 until January 2016.
He served as Chief Operating Officer from October 2004 until December 2006.
Davis has held management positions with the Company since joining Star Banc Corporation, one of its predecessors, in 1993 as Executive Vice President.
Read the full story in the management-change.com report 04.2017 ($).