8-KLeadership ChangesExhibits & Filings

US BANCORP \DE\ 8-K Report, Executive Changes (Nov 15, 2019)

Filed November 15, 2019For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

This 8-K filing from U.S. Bancorp announces a key leadership change within its finance department. Effective November 14, 2019, Lisa R. Stark has been appointed as the new Executive Vice President and Controller, succeeding Craig E. Gifford as the principal accounting officer. Ms. Stark brings extensive experience, having served in various finance and risk roles at the Company since 2008, most recently as Assistant Controller. This transition signifies a move for continuity and experience in a critical financial reporting role. Investors should note that Mr. Gifford will remain with the Company in another senior capacity. The filing also details Ms. Stark's compensation package, including a base salary of $310,000, eligibility for annual cash incentives, and future long-term incentive awards. Standard employee benefits will apply. The filing also confirms routine banking relationships between Ms. Stark's family and the Company's subsidiaries, stating these are on normal terms.

Key Highlights

  • 1Appointment of Lisa R. Stark as Executive Vice President and Controller, effective November 14, 2019.
  • 2Ms. Stark succeeds Craig E. Gifford as the principal accounting officer.
  • 3Mr. Gifford will continue with U.S. Bancorp in a different senior role.
  • 4Ms. Stark has been with the Company since 2008, holding various finance and risk positions.
  • 5New compensation package for Ms. Stark includes a $310,000 base salary and performance-based incentives.
  • 6Ms. Stark is eligible for a long-term incentive award to be granted in early 2020.
  • 7Disclosure of ordinary course banking transactions between Ms. Stark and the Company's subsidiaries.

Frequently Asked Questions

Lisa R. Stark has been appointed as the new Executive Vice President and Controller, and will serve as the principal accounting officer for U.S. Bancorp.

Craig E. Gifford will remain with U.S. Bancorp in another senior role. He is transitioning from his role as Controller.

Ms. Stark's new compensation includes a base salary of $310,000, an annual cash incentive award with a target value of 80% of her base salary, and eligibility for a long-term incentive award to be granted in early 2020. She will also receive standard employee benefits.

The filing states that Ms. Stark and certain family members have engaged in ordinary banking transactions with the Company's subsidiaries. These transactions were conducted in the normal course of business, on terms substantially the same as those offered to unrelated customers, and did not involve more than normal risk.