Umpqua Holdings President And CEO Ray Davis To Become Executive Chair

(RTTNews) - Umpqua Holdings Corp. (UMPQ) said that President and CEO Ray Davis will move into a new role as executive chair of the company's board of directors, effective January 1, 2017.

Cort O'Haver, currently president of Umpqua Bank, will succeed Davis as president and CEO, and will be elected to the company's board of directors in January of 2017.

Beginning January 1, 2017, in addition to serving as board chair, Davis will continue to oversee the company's innovation subsidiary, Pivotus Ventures, Inc., while working with O'Haver to advance key strategic initiatives and ensure a seamless CEO transition.

Davis, aged 67, will become the board's executive chair after more than 20 years leading Umpqua through an extraordinary period of growth and innovation. Under his leadership, Umpqua has grown from $150 million in assets in 1994 to more than $24 billion in assets today,