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Richard Davis

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March 3: CEO Pay Watch: Richard Davis, U.S. Bancorp

  • Article by: PATRICK KENNEDY
  • Star Tribune
  • May 25, 2014 - 12:12 AM

CEO Pay Watch U.S. Bancorp

Richard Davis, chairman, president, CEO

Total compensation: $15,485,979 for the year ended Dec. 31, 2013

Salary: $1,100,000

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.”

Patrick Kennedy

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