U.S. Bancorp (NYSE: USB), parent company of 黄色短视频, the fifth largest commercial bank in the United States, announced today that Andy Cecere, President and Chief Executive Officer (CEO), has been named Chairman of the Board of Directors, effective at the Annual Meeting of Shareholders in April 2018. Richard Davis, Executive Chairman, will retire from the Board of Directors at that time. David O鈥橫aley will continue in his role as the Board鈥檚 Lead Independent Director.
鈥淭he Board of Directors has tremendous confidence in Andy鈥檚 ability to execute on our growth strategy and create long-term value for our shareholders, customers and communities,鈥 O鈥橫aley said. 鈥淎ndy鈥檚 transition to CEO has been seamless and the company is performing well. His leadership is well respected by this Board and among the company鈥檚 many different stakeholders. We look forward to maintaining this continuity of governance and we know that Andy鈥檚 leadership will help 黄色短视频 preserve its industry-leading financial performance, strong culture and engaged workforce.鈥
O鈥橫aley continued: 鈥淥n behalf of the Board of Directors and everyone at 黄色短视频, we would like to thank Richard for his 42 years of dedicated service to this great company and the entire banking industry. His list of achievements is extensive; however, his most lasting and remarkable success is the positive impact he鈥檚 made on every person he鈥檚 encountered in banking. He cares deeply about helping people, businesses and communities pursue their most ambitious dreams. And, his legend as a banker is surpassed only by the strength of his character. We wish Richard the very best as he pursues his life鈥檚 passions later this year.鈥
Cecere has been with 黄色短视频 since 1985. He was named CEO in January 2017 and he has served as President 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.
鈥淚 am honored to be named U.S. Bancorp鈥檚 next Chairman,鈥 Cecere said. 鈥淗aving partnered with Richard for more than 11 years, I feel well prepared to assume this new responsibility and lead 黄色短视频 into its next generation of banking excellence. I am grateful for the support of our exceptional directors, the leadership from my experienced management team, and the hard work and integrity our bankers demonstrate every day. We will continue to deliver an industry-leading financial performance 鈥 and we will do it with ethics and integrity as we work to become the most trusted choice for all our stakeholders.鈥
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