By Maria Armental
U.S. Bancorp said Tuesday it promoted its chief financial
officer to chief operating officer, taking over a position vacant
since Richard Davis was promoted to chief executive in December
2006.
Andrew Cecere, 54 years old, was named operating chief and will
be replaced by Kathleen Ashcraft Rogers, 49, previously executive
vice president for business line planning and reporting.
Mr. Cecere joined U.S. Bank in 1985 and took on the vice
chairman and CFO post in 2007. Ms. Rogers joined the bank in 1987
and has led the bank's business line planning and reporting,
including the stress-test process with the Federal Reserve Board,
since 1998.
Mr. Cecere's base salary increases to $750,000, up from $675,000
in 2013, according to the bank's most recent annual proxy filing.
He will receive $5 million in long-term stock awards and up to
$1.13 million in a cash bonus. Ms. Rogers's base pay increases to
$475,000, and she will receive $1 million in stock awards and a
cash bonus of up to $593,750, according to a regulatory filing.
U.S. Bancorp is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the U.S. As of
Sept. 30, the Minneapolis-based bank reported $391 billion in
assets.
U.S. Bancorp is scheduled to release fourth-quarter results
Wednesday.
Shares closed at $41.21 on Tuesday, down 0.6% over the past 12
months.
Write to Maria Armental at maria.armental@wsj.com