Summary
U.S. Bancorp announced a change in its Board of Directors. Alan B. Colberg has been elected as a new director, effective immediately, and will serve on the Audit and Public Responsibility Committees. His compensation will align with the company's standard non-employee director arrangements. Additionally, Olivia F. Kirtley will retire from the Board of Directors at the upcoming 2023 Annual Meeting of Shareholders. Ms. Kirtley's retirement is for personal reasons and is not a result of any disagreements with the company. This transition brings new expertise to the board while ensuring a smooth handover from a long-serving director.
Key Highlights
- 1Alan B. Colberg elected as a new director, effective immediately.
- 2Mr. Colberg will serve on the Audit and Public Responsibility Committees.
- 3Director compensation for Mr. Colberg will follow standard non-employee director policies.
- 4Olivia F. Kirtley to retire from the Board of Directors at the 2023 Annual Meeting of Shareholders.
- 5Ms. Kirtley's retirement is voluntary and due to personal reasons, not any disagreements with the company.
- 6Press release announcing Mr. Colberg's election is attached as an exhibit.
Frequently Asked Questions
Alan B. Colberg has been elected as a new director of U.S. Bancorp, effective immediately. He will be a member of the Audit and Public Responsibility Committees.
Olivia F. Kirtley is retiring from the Board of Directors for personal reasons, having reached the age of 72. Her retirement is planned for the 2023 Annual Meeting of Shareholders and is not due to any disagreements with the company.
Mr. Colberg will receive compensation in accordance with U.S. Bancorp's standard compensation arrangements for non-employee directors, as previously disclosed in the company's proxy statement.
No, the filing indicates that Olivia F. Kirtley's retirement is voluntary and for personal reasons, with no disagreements with the company. The election of Mr. Colberg adds new expertise to the board.