Richard Davis chairman and CEO of U.S. Bancorp
Total compensation: $21,754,748 for the year ended December 31
Salary: $1,300,000
Non-equity incentive pay: $2,304,900
Other compensation: $27,632
Exercised stock options: $8,271,444
Value realized on vesting shares: $9,850,772
New stock options: 158,165
Total 2015 shareholder return: -2.8 percent
Note: Davis has been president of Minneapolis-based U.S. Bancorp since October 2004 and CEO since December 2006. In January, Davis gave up the position of president when Andrew Cecere, former chief financial officer, was promoted.
This is Davis' largest compensation year. He made 20 percent more than the $18.1 million he took home in 2014, mainly because of previously issued long-term equity awards that were exercised or vested during the year. He made $8.7 million when he exercised 548,297 stock options and realized $9.85 million from 220,102 of restricted shares that vested during the year.
During his tenure as CEO — which included a period when financial stocks were crippled by crisis and the recession — U.S. Bancorp's stock has had a total return of 62 percent. The S&P 500 index had a 49 percent return over the same period.
Not all of Davis' pay categories increased last year. Davis and other senior executives received smaller annual incentive cash bonuses than in 2014 because U.S. Bancorp's earnings per share and pretax income came in under targeted goals.
