U.S. Bancorp in Minneapolis has promoted Andrew Cecere to president.

The move took effect immediately. Cecere, 55, continues to serve in his current role as the $422 billion-asset company’s chief operating officer. He still oversees many of the company’s lines of business including consumer and small-business banking, wholesale banking, commercial real estate, payment services and wealth management and securities services.

"Promoting [Cecere] to president is a logical next step in his executive progression," U.S. Bancorp Chairman and Chief Executive Richard Davis, 57, said in a news release Tuesday. Davis had served as president since October 2004; he added the CEO title in 2006 and became chairman in 2007.

When asked additional questions about the reason for the move, a U.S. Bancorp spokesman reiterated Davis' comments in the release.

Cecere became COO in January 2015. He was chief financial officer from 2007 to 2015, and from 2001 to 2007 he ran wealth management and securities services. He has been with U.S. Bancorp since 1985.

U.S. Bancorp posted a 1% decline in net income Friday as fee income dried up during the fourth quarter and credit costs rose.

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