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.