Summary
This Form 8-K filing from U.S. Bancorp (USB) on July 20, 2006, primarily announces a significant leadership transition. Effective after the Board of Directors meeting on December 12, 2006, Jerry A. Grundhofer will retire as Chief Executive Officer but will continue to serve as Chairman of the Board until December 31, 2007. He will receive compensation for his continued role as Chairman, including a $500,000 retainer and other benefits. Concurrently, Richard K. Davis, currently President and Chief Operating Officer, has been appointed to succeed Mr. Grundhofer as CEO. Mr. Davis has also been appointed to the Board of Directors, with his role on the Executive Committee to commence after December 12, 2006. The Board size has been increased to accommodate this appointment.
Key Highlights
- 1Jerry A. Grundhofer to retire as CEO effective December 12, 2006.
- 2Mr. Grundhofer will remain as Chairman of the Board until December 31, 2007.
- 3Richard K. Davis appointed as the new CEO, effective December 12, 2006.
- 4Richard K. Davis appointed to the U.S. Bancorp Board of Directors.
- 5The Board of Directors' size increased to thirteen members.
- 6Mr. Grundhofer to receive a $500,000 cash retainer as Chairman for 2007, along with other benefits.