[Photo:  globalethicssummit2016.com]

Richard Davis, 58, is stepping down as CEO at U.S. Bancorp after a decade in the role.He will be succeeded by Andrew Cecere, the firm’s President and COO. The move reflects a long-signaled succession at the Minneapolis-based bank, the 7th-largest in the U.S. by assets and the largest regional bank.

Mr. Davis became CEO in December 2006, meaning his tenure largely was spent dealing with the financial crisis and its aftermath. While the crisis vindicated U.S. Bank’s cautious, plain-vanilla approach to banking, its wake brought years of profit-sapping low interest rates and complicated new regulations. Despite the tough conditions and Mr. Davis’s reluctance to fire employees to cut costs, U.S. Bank remained more profitable and efficient than its peers thanks to a diversified approach that includes a lucrative payments business.

While outgoing Mr. Davis is known to strike up casual conversations with the lowest-level employees, Mr. Cecere is a numbers guy known to recite detailed bank figures off the top of his head.

“This is so seamless. I hate to say it, but you might not even notice I’m gone,” Mr. Davis, who will keep his role as executive chairman, said in an interview. He started his career as a bank teller at Security Pacific Bank in Los Angeles on his 18th birthday.