U.S. Bancorp's president and chief operating officer has officially stepped up to the post of chief executive officer.The new CEO, Richard K. Davis, succeeds Jerry A. Grundhofer in the post as part of a pre-existing succession plan. Mr. Davis will retain his title of president and Mr. Grundhofer will remain with U.S. Bancorp as chairman of the board. The two men have worked together since 1993.

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