USB’s business activities are governed by a board of directors which is comprised of fourteen members. The current President and CEO is Richard Davis. Other key executives include vice presidents Andrew Cerere the Chief Financial Officer, Lee Mitau General Counsel and Corporate Secretary. Richard Davis is relatively young at the age of 50. His current salary is $625,024 with long term compensation totaling $5,916,496. In addition to these impressive numbers, his stock options total $18,777,212.[i] Additionally, Davis was a key leader in the successful mergers of Firstar Corporation with U.S. Bancorp in 2001, Firstar with Mercantile Bancorporation in 1999, and Star Banc Corporation with Firstar in 1998.
Davis has more than 30 years of experience in the banking industry. He earned a bachelor’s degree in economics from California State University.[ii] Prior to joining the company in 1993 he was executive vice president of Bank of America and of Security Pacific. From 1998 until 2001 he was Vice Chairman of Consumer Banking of Firstar Corporation. After the merger of Firstar Corporation and U.S. Bancorp in February 2001 and until October 2004, Davis served as Vice Chairman of U.S. Bancorp. He also served as Chief Operating Officer of U.S. Bancorp from October 2004 until December 2006.[iii] Davis was responsible for Consumer Banking, including Retail Payment Solutions (card services), and he assumed additional responsibility for Commercial Banking until 2003. Davis became President in October 2004 and U.S. Bancorp’s chairman of the board of directors, replacing Jerry A. Grundhofer, on December 11, 2007.
Davis serves on the boards of ten companies. They include, Xcel Energy, Inc., the American Bankers Association, the Minnesota Orchestra, the National Underground Railroad Freedom Center, the Guthrie Theatre and the Minneapolis YMCA. In addition Davis serves on the boards of Visa U.S.A. and Visa International, which begs the question of whether there was any conflict of interest present in the recent anti-trust lawsuit between Visa and USB’s subsidiary NOVA payment systems.
Filed under: Real Esate Law Issues | Tagged: Bank, Bank Executive, Banking Law, U.S. Bancorp
