Andrew Cecere U.S. Bancorp
President and CEO
Total compensation: $15,957,348 for the year ended Dec. 31, 2017
Nonequity incentive pay: $1,659,867
Other compensation: $31,947
Exercised stock options: $8,020,245
Value realized on vesting shares: $5,303,751
New stock options: 102,251
Total 2017 shareholder return: 6.4 percent
Median employee compensation: $58,269
CEO Pay Ratio: 205:1
Note: Cecere was promoted after Chairman Richard Davis retired from the CEO position of the Minneapolis-based financial services company on April 18, 2017.
For purposes of the newly required pay ratio rule, U.S. Bancorp annualized portions of Cecere’s compensation as if he had been CEO for the entire year.
For example, the company used his new base salary rate of $1 million per year and annualized the value of his annual cash incentive bonus. But because long-term equity awards were granted with anticipation of Cecere being named CEO, U.S. Bank did not alter those values from how they appear in the summary compensation table. That table in the proxy statement lists Cecere’s total compensation, including grant date value of long-term equity awards, as $12,014,756; the figure used for the pay ratio calculation was $11,960,654.
But generally speaking, Cecere and other executives earned larger cash incentive bonuses than in 2016 because of stronger financial performance in the year.