U.S. Bancorp, the fifth-largest commercial bank in the United States, said Tuesday Andy Cecere, currently president and COO, will succeed Richard Davis as CEO on April 18, the date of the company’s annual meeting of shareholders. Shares dropped more than 2% intraday.
Davis, currently chairman and CEO, will continue as executive chairman following this succession, according to a statement.
Davis has been CEO since December 2006 and chairman since December 2007. As part of a long-planned succession process, 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.” Shares traded near the top end of their 52-week price range of $37.07 – $52.68.