January 19, 2007 / 10:40 PM / in 12 years

UPDATE 1-US Bancorp longtime CFO Moffett to retire

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NEW YORK, Jan 19 (Reuters) - U.S. Bancorp (USB.N), the No. 6 U.S. bank, said on Friday Vice Chairman and Chief Financial Officer David Moffett would retire from those positions on Feb. 27 and be replaced by Andrew Cecere.

The change was announced five weeks after Richard Davis succeeded Jerry Grundhofer as the Minneapolis-based bank’s chief executive. Grundhofer remains U.S. Bancorp’s chairman.

Moffett, 54, has been CFO of U.S. Bancorp or predecessors since 1993.

He plans to be an adviser to Davis for up to one year, receiving a $240,000 annual salary with no bonus or incentives, according to a filing with the U.S. Securities and Exchange Commission. Moffett also agreed not to compete with the company for one year, the filing showed.

Cecere, 46, has been vice chairman of wealth management since Feb. 2001. He had been U.S. Bancorp’s CFO before the company merged with Firstar Corp. in 2001.

U.S. Bancorp has about $219 billion of assets and 2,472 branches, mostly in the western two-thirds of the United States. (Additional reporting by Mark McSherry)

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