U.S. Bancorp has promoted Andrew Cecere, its chief financial officer, to the role of chief operating officer, a move that puts him next in line to run the company.
The last chief operating officer at the nation’s fifth-largest bank was Richard Davis, who is now the CEO, president and chairman of the company. Davis was named president and COO in 2004, two years before he took over as top executive at the company.
Cecere, 54, will now be responsible for the bank’s key businesses, including consumer and small-business banking, wholesale banking, commercial real estate, payment services and wealth management. He will report to Davis.
“Andy has demonstrated tremendous leadership during his 30 years with U.S. Bank and we are confident in his ability to manage our businesses effectively and execute our customer-focused growth strategy,” Davis said in a statement. “One of U.S. Bank’s core strengths is our continuity of executive leadership, which has been established through a carefully managed and time-tested process. Moving Andy into the COO role is an example of that thoughtful and deliberate process.”
Kathy Ashcraft Rogers, an executive vice president, will succeed Cecere as vice chair and chief financial officer. She has worked at U.S. Bank for 28 years. She will report to Davis and join the managing committee, which consists of the 14 most senior leaders at U.S. Bank.
Kate Quinn, executive vice president of strategy and corporate affairs, has also been promoted and will join the managing committee and report to Davis.
“U.S. Bank creates value for its customers and shareholders by developing and leveraging its internal executive talent, which is highlighted by tenure, stability, and a commitment to preserving U.S. Bank’s exceptional track record of financial performance,” Davis, 56, said in his statement. “We are fortunate to have talented leaders, such as Kathy and Kate, to promote from within and join our Managing Committee. They will play critical roles as we execute on our vision for the future of U.S. Bank.”
Cecere has been with U.S. Bank since 1985. He has been CFO since 2007. He received his MBA from the Carlson School of Business at the University of Minnesota and a bachelor’s degree in business administration and finance from the University of St. Thomas.
Rogers has been with U.S. Bank since 1987. She has been responsible for business line planning and reporting, including the stress-testing process for U.S. Bank with the Federal Reserve Board, since 1998. She is a graduate of Ohio State University.
Quinn joined U.S. Bank in September 2013 and is responsible for strategy, marketing, government relations, customer experience, analytics, corporate communications, community affairs and the U.S. Bank Foundation.