Summary
This 8-K/A filing from U.S. Bancorp (USB) amends and provides details regarding executive compensation following a leadership transition. The key information for investors centers on the compensation packages for Andrew Cecere, the newly appointed President and CEO, and Richard K. Davis, the former CEO who is now Executive Chairman. These changes are effective April 18, 2017. The filing details Mr. Cecere's increased base salary to $1,000,000 annually and eligibility for a target annual cash incentive of 225% of his base salary. Similarly, Mr. Davis will receive a base salary of $1,000,000 annually in his new role as Executive Chairman. Investors should note that these compensation adjustments are aligned with the leadership roles and were determined by the Compensation and Human Resources Committee.
Key Highlights
- 1Andrew Cecere's base salary increased to $1,000,000 annually upon becoming President and CEO.
- 2Andrew Cecere is eligible for an annual cash incentive award with a target value of 225% of his base salary.
- 3Richard K. Davis will receive a base salary of $1,000,000 annually as Executive Chairman.
- 4The Compensation and Human Resources Committee determined the compensation for both executives.
- 5The reported compensation changes are effective as of April 18, 2017.
- 6This filing serves as an amendment to provide specific compensation details following a previously announced leadership change.
- 7Additional executive compensation information is available in the company's 2017 proxy statement.