U.S. Bancorp has promoted P.W. Parker to vice chairman and chief risk officer, the Minneapolis company said Thursday.

Parker, 56, will oversee all risk and compliance at the $361 billion-asset company. He had been chief credit officer since 2007 and will retain those duties, U.S. Bancorp said. Before that he had held executive roles in credit portfolio management for the company.

Parker succeeds Richard Hidy, who will retire in March, U.S Bancorp said. Hidy, 50, has been chief risk officer since 2005; earlier, he was general counsel.

Parker's "insights and leadership have proven to be invaluable to our company, customers and shareholders, and I am pleased that he is now leading another important area of our company," U.S. Bancorp Chief Executive Richard Davis said in a news release.

Chris Cumming is a reporter for American Banker.