Who is replacing David M. Moffett as CFO?

Andrew Cecere has been elected to succeed David M. Moffett as the company's Vice Chairman and Chief Financial Officer. This change is effective February 27, 2007.

What will David M. Moffett do after retiring as CFO?

Mr. Moffett will continue with the company in a non-executive role as a special advisor to the Chief Executive Officer for up to one year following his retirement as CFO. He will receive a base salary of $240,000 annually for this role.

Are there any changes to Mr. Moffett's compensation or benefits upon his retirement?

Yes, Mr. Moffett's existing option and restricted share grants will continue to vest as per their terms. However, effective upon his retirement, he will relinquish his Executive Severance Agreement and associated change in control benefits. He will not be eligible for bonuses or long-term incentive awards in his advisory role.

Does Mr. Moffett have any post-employment restrictions?

Yes, Mr. Moffett has agreed to a one-year non-compete obligation with the company, starting from his retirement date as CFO.

US BANCORP \DE\ 8-K: Leadership Changes

Summary

U.S. Bancorp (USB) filed an 8-K report on January 19, 2007, to announce significant changes in its executive leadership. The report details the upcoming retirement of Chief Financial Officer David M. Moffett effective February 27, 2007, and the appointment of Andrew Cecere as his successor. This transition marks a key moment for the company's financial stewardship.

Key Highlights

1Andrew Cecere appointed as the new Vice Chairman and Chief Financial Officer, effective February 27, 2007.
2Current CFO David M. Moffett to retire on February 27, 2007.
3Mr. Moffett will serve as a special advisor to the CEO for up to one year post-retirement.
4Mr. Moffett's advisory role includes a base salary of $240,000 annually, with no bonus eligibility.
5Mr. Moffett's existing stock options and restricted share grants will continue vesting.
6Mr. Moffett relinquishes his Executive Severance Agreement and change in control benefits upon retirement.
7Mr. Moffett agrees to a one-year non-compete obligation.
8The company confirmed that Mr. Cecere has had ordinary banking transactions with subsidiaries, conducted on standard terms.

US BANCORP \DE\ 8-K Report, Executive Changes (Jan 19, 2007)

Summary

Key Highlights

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