CEO Pay Watch U.S. Bancorp

Richard Davis, chairman, president and CEO

Total compensation: $18,137,729 for the year ended Dec. 31

Salary: $1,200,000

Non-equity incentive pay: $2,465,100

Other compensation: $15,358

Exercised stock options: $5,470,115

Value realized on vesting shares: $8,987,156

New stock options: 164,766

Total 2014 shareholder return: 13.8 percent

Note: The majority of Davis’ compensation comes from previously issued long-term equity awards that either vested or were exercised in 2014. Davis exercised $5.5 million worth of stock options and earned $9 million from restricted stock during the year.

U.S. Bancorp is a leader among its banking peers and, according to the proxy, outperformed peers in 2014 based on return on average assets, return on average common equity and efficiency ratio. However, the company fell just short of the targeted financial goals that determine annual cash incentive bonuses. Cash awards to the named executive officers ranged from 85.9 percent to 96.3 percent of their individual targets. Davis’ cash bonus for the year was down 5.2 percent from 2013.

Davis, age 57, has been CEO of U.S. Bancorp since 2006 and chairman since 2007. Earlier this year, he promoted chief financial officer Andrew Cecere to chief operating officer, a move that indicates Cecere could succeed Davis when he eventually retires.

Patrick Kennedy