Sundar PichaiSundar Pichai earned $164M in 2023
U

Andrew Cecere

CEO of U.S. Bancorp

Education

Not specified

Field of Expertise

Finance & Banking - Finance

Born

January 1, 1954 - 71 years ago

Economy Sector

Financial Services

Current Tenure

7 years 9 months (Apr 2017 - Present)

Previous Experience

President and Chief Operating Officer

Andrew Cecere is the CEO of U.S. Bancorp, a job he took on in April 2017 after serving as President and Chief Operating Officer. His journey at U.S. Bancorp started way back in 2001, and he's climbed the ranks through...

Year

2023

Total Compensation

$13.98M

Salary

$1.35M

Board Justification

U.S. Bancorp's compensation philosophy aims to align executive compensation with company performance, focusing on long-term shareholder value creation. The compensation structure includes a mix of base salary, annual cash incentives, and long-term equity awards, with a significant portion of compensation at risk based on performance metrics.

Bonus

$3.79M

Board Justification

The bonus for 2023 was determined based on a combination of corporate EPS and business line pretax income performance, subject to a qualitative review by the Compensation and Human Resources Committee. The Committee did not make any qualitative adjustments to the formulaic bonus calculation for 2023.

Other

$62.57K

Board Justification

Includes parking reimbursement, matching contribution into 401(k) savings plan, reimbursement of financial planning expenses, home security system expenses, business club dues, and other personal use of company-owned aircraft.

Restricted Stock

$8.78M(181.97K RSU/PRSU)

Board Justification

The vested stock includes RSUs and PRSUs that vested during 2023. The PRSUs were earned at 128.1% of target based on absolute and relative ROE performance during the 2021-2023 performance period.

Performance Metrics

The performance metrics for determining CEO compensation include corporate EPS, business line pretax income, and ROE targets. The metrics are designed to align with the company's strategic goals and shareholder interests.