In a surprise announcement, Daniel R. Nelson, the anointed heir to the chairmanship at U.S. Bancorp, said Friday he will retire next week and give up the job he was supposed to get on Jan. 1, 1999.

The 59-year-old Mr. Nelson, currently U.S. Bancorp's president and chief operating officer, could not be reached for comment on his decision.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.