CEO Pay Watch U.S. Bancorp
Richard Davis, chairman, president, CEO
Total compensation: $15,485,979 for the year ended Dec. 31, 2013
Non-equity incentive pay: $2,600,000
Other compensation: $23,308
Exercised stock options: $2,517,060
Value realized on vesting shares: $9,245,611
New stock options: 144,152
Total 2013 return to shareholders: 29.6 percent
Note: Davis realized $15.5 million in total compensation during 2013, up from $9.3 million the previous year. The 66 percent increase was mainly due to a big jump in the value of restricted stock that vested during the year, $9.2 million compared with $2.7 million in 2012.
Davis’ annual salary remained the same and his annual incentive bonus decreased by $444,000 to $2.6 million as the Minneapolis-based financial services holding company’s overall financial performance was approximately at target levels after achieving above-target performance the previous three years.
The board’s compensation committee also increased Davis’ long-term equity award granted in 2013 by 16.7 percent over the previous year. As part of Davis’ long-term equity incentive, he was awarded $5.25 million worth of restricted stock awards and $1.75 million worth of stock options that will vest at a future date. That was a 16.7 percent increase over the previous year’s total of $6 million, which was evenly split between restricted stock and stock options. According to the proxy filing, the committee made the increase “in recognition of his important value to the company, including his outstanding leadership at the company and in the financial services industry.”