Tony Cracchiolo, president and CEO of U.S. Bank Equipment Finance, announced that he will retire in July. According to a U.S. Bank spokesperson, the bank will begin a search for a new leader of its equipment finance business in the coming months.

Cracchiolo has spent the last 52 years in the equipment finance industry, including the last 17 at U.S. Bank. Prior to U.S. Bank, Cracchiolo served in multiple roles at Citi, spending 29 years with the company, including more than five years as managing directors of the company’s vendor finance business. Cracchiolo’s career began at Chemical Bank, which is now part of JPMorgan Chase.

In addition to his professional endeavors, Cracchiolo was also an active supporter of the equipment finance industry at large, serving as of the Equipment Leasing and Finance Association’s board of directors from 2016 to 2017 and accumulating a total of nine years on the board overall.

“Equipment finance plays a fundamental role in powering the productivity of businesses across the globe. It’s been my pleasure to play a small role in the industry’s development over the past several decades and see it become an essential financing tool for successful organizations,” Cracchiolo said.