Umpqua Holdings in Portland, Ore., will have a new chief executive in 2017.

The $24 billion-asset company said in a press release Monday that Ray Davis, 67, will step down as president and CEO Jan. 1. Davis, who will become executive chairman, will be succeeded by Cort O'Haver, who was named president of Umpqua Bank in April.

O'Haver, 53, had been president of commercial banking at Umpqua for two years prior to becoming bank president.

"As president and CEO," Davis "has transformed Umpqua into one of the most distinctive financial institutions in the country, built a terrific management team and guided the company successfully through the worst economic crisis in recent history," Peggy Fowler, Umpqua's chairman, said in the release.

"As we look to the future, the board's focus has been to identify the right leader to build on the company's strong foundation, and [O'Haver] is clearly that person," Fowler said. "His deep expertise in banking and passion for the company's customer experience and culture are unmatched, and the board has great confidence that he will lead Umpqua to continued success."

Davis took the helm at Umpqua in 1994 when it had just $150 million in assets. In an executive capacity, he will continue to oversee Pivotus Ventures, Umpqua's innovation unit, while working with O'Haver on key strategic initiatives.

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