U.S. Bancorp Chairman and CEO Richard Davis said he will leave the banking industry after stepping down as the superregional's top executive.

During the bank's Jan. 18 earnings call, Davis said his decision to exit the CEO office was a long time coming and not precipitated by any single event. He said the plan was made three years ago to move on after serving the role for 10 years.

"I do have another calling in life to do something entirely different, which I don't know what it is because I never felt permitted to look until the announcement was passed," Davis said. "So today will be my first day to look into the future, along with my wife who has a very strong view that we want one more thing in life to accomplish, and it's going to be entirely outside the banking industry. So that's the reason, and the rumors of my bad health or early demise are greatly exaggerated."

Davis will stay on as executive chairman of the board for the bank after stepping down, effective April 18. President and COO Andrew Cecere will take over as CEO. As chairman, Davis said he will be removed from day-to-day management of the company. He said he will act as an ambassador of the company and help Cecere with the transition to CEO, as needed. He said the splitting of the chairman and CEO roles is not necessarily permanent.

"When the transition is satisfactorily complete and the board, and I and Andy feel that we've made that successful transition, then we'll move into the next step and they can decide where the chairman position lies," Davis said.