U.S. Bancorp in Minneapolis announced Tuesday that Richard Davis will retire as CEO in April. He will be succeeded by longtime deputy Andy Cecere.

Davis will remain as executive chairman, according to a press release. The transition will take effect April 18 at the company's annual meeting.

"I have been investing my heart and mind in the mission of this exceptional bank and these outstanding U.S. Bankers every day," Davis said in the press release. "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."

It's official: Richard Davis (left) last year had hinted that Andy Cecere, president and COO of U.S. Bancorp, would succeed him as CEO. Cecere will be promoted April 18.

The announcement caps off the career of one of banking's most well respected executives. Davis, 58, took the helm of the $454 billion-asset company in December 2006, succeeding Jerry Grundhofer. He made a name for himself by deftly navigating his company through the mortgage crash.

Before taking over as CEO, Davis served as president, chief operating officer. He joined the company in 1993.

The retirement announcement puts in motion the company's well-telegraphed succession plan. In a number of recent speeches Davis has signaled that Cecere, president and chief operating officer, would soon succeed him.

Cecere, 55, has held a number of executive roles at the bank. He was named president in January 2016, and chief operating officer a year earlier. He has also served as chief financial officer and vice chairman of wealth management.

Cecere joined U.S. Bancorp in 1985.

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Kristin Broughton

Kristin Broughton

Kristin Broughton is a reporter for American Banker, where she writes about the business of national and regional banking.