U.S. Bancorp (USB) - Get Reportannounced Tuesday its long-time CEO Richard Davis will step down from that post in April and continue on as an executive chairman to lead the bank in a new service mission.

The move is part of a succession plan that has been in the works for the past 12 months, when Andy Cecere was named president and chief operating officer. Cecere, who has been with the bank for approximately 37 years, will assume the CEO post on April 18 when U.S. Bancorp holds its annual shareholders meeting.

"Andy is one of the strongest and most capable leaders in the banking industry. The Board and I are confident that he is the right choice to lead U.S. Bank into its next period of growth," Davis said, in a statement. "Andy has tremendous intellect and business insight, which will help him maintain U.S. Bank's industry-leading financial strength and financial performance. He also has an innate curiosity, which will challenge the organization to focus on innovations that improve the customer experience."

Davis, 58, has served as CEO since 2006 and maneuvered the institution in the midst of the financial crisis. As executive chairman, he will move the bank into a new business area.

"Now, in addition to serving as executive chairman, I am enthusiastic about investing energy in a new, yet-to-be determined service mission in the future," Davis said in a statement.

Shares of U.S. Bancorp were unchanged after-hours on Tuesday after ending the trading day down 2.6%, or $1.36 per share, to $50.31. The company has a market cap of $85.9 billion.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.