MINNEAPOLIS--(BUSINESS WIRE)--July 18, 2006--Implementing an
established succession plan, the board of directors of U.S. Bancorp
(NYSE:USB) announced today that Richard K. Davis will succeed Jerry A.
Grundhofer as president and chief executive officer effective
following the U.S. Bancorp board meeting on December 12, 2006.
Grundhofer will remain as chairman of the board until December 31,
2007. Davis was elected to the board of directors of U.S. Bancorp
Davis, 48, has been president and chief operating officer of U.S.
Bancorp since October 2004. Grundhofer, 61, has been chief executive
officer since 1993 and chairman of the board since 2002. Davis was
vice chairman responsible for consumer and commercial banking from
2003 to 2004, and vice chairman or executive vice president of
consumer banking from 1993 to 2003.
"U.S. Bancorp has been privileged to have Jerry lead the company
as chief executive officer. Starting at Star Bank in 1993, with a
market capitalization of approximately $1 billion dollars, to U.S.
Bancorp today, with a market capitalization of $55 billion dollars,
Jerry's strategic vision and ability to execute have led us to the
forefront of the banking industry," said Jerry W. Levin, chairman of
the governance committee of the U.S. Bancorp board of directors.
"Obviously, I'm proud of U.S. Bancorp and its employees, and all
that we have accomplished here," said Grundhofer. "Several years ago,
I discussed with the board my desire to retire at age 62 after 40
years in banking. As part of that discussion, we put in place a
succession plan that is now being successfully implemented. I'm
delighted that Richard Davis is being promoted to CEO, and I am
confident he will do an outstanding job. He has been and continues to
be instrumental to the success of our company."
Grundhofer and Davis have worked closely since 1993, when
Grundhofer was named CEO of U.S. Bancorp (then known as Star Banc
Corporation). One of his first acts was to recruit Davis to lead
consumer banking. Grundhofer and Davis previously worked together at
Security Pacific and Bank of America.
"Jerry has done a terrific job in building U.S. Bancorp to its
current position as the sixth largest bank in the United States, with
a powerful 24-state branch system, strong national businesses, and
international payments capacities. I appreciate his leadership and
mentoring and look forward to building on the very strong foundation
he has established," said Davis.
Davis has more than 28 years of experience in the banking industry
and was a key leader in the successful mergers of Firstar Corporation
with the U.S. Bancorp in 2001, Firstar with Mercantile Bancorporation
in 1999, and Star Banc Corporation with Firstar in 1998. Davis joined
the company in November 1993. Before that he was executive vice
president of Bank of America and Security Pacific. He holds a
bachelor's degree in economics from California State University. He
serves on the boards of Xcel Energy, Inc., the American Bankers
Association, Minnesota Orchestra, the National Underground Railroad
Freedom Center, Guthrie Theatre, Minneapolis YMCA, Visa U.S.A. and
U.S. Bancorp, with assets of $213 billion, is the sixth-largest
financial holding company in the United States. The company operates
2,434 banking offices and 4,966 ATMs, and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and institutions.
U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on
the web at www.usbank.com.
CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judith Murphy (Analysts), 612-303-0783
SOURCE: U.S. Bancorp