U.S. Bancorp (USB, Financial) has announced significant updates regarding its executive leadership and compensation structure, effective April 16, 2025. As previously disclosed, Gunjan Kedia has been appointed as the company's President and Chief Executive Officer. In recognition of her new role, the Board of Directors has approved an increase in her base salary to an annualized amount of $1,200,000. Additionally, Ms. Kedia will be eligible for an annual cash incentive award with a target value of 275% of her base salary.
Furthermore, Ms. Kedia will receive an additional long-term incentive award in the form of performance-based restricted stock units (PRSUs), valued at $1,500,000. This award is part of the U.S. Bancorp 2024 Stock Incentive Plan and aligns with the structure and terms of awards previously granted to executive officers in 2025.
In another key development, Andrew Cecere, the former Chairman and CEO, will continue his service on the Board as Executive Chairman. Effective April 16, 2025, Mr. Cecere will receive a base salary of $1,400,000 annually. The Board has also approved an amendment to the U.S. Bank Non-Qualified Retirement Plan, freezing Mr. Cecere’s supplemental benefit as of April 15, 2025. This amendment specifies that his supplemental benefit will be paid in a lump sum, calculated using the actuarial equivalent interest rate and mortality table in effect as of the freeze date.
These strategic adjustments reflect U.S. Bancorp's commitment to aligning executive compensation with market standards and ensuring a smooth leadership transition. For more detailed information on the executive compensation program and retirement plan amendments, stakeholders are encouraged to review the company's 2025 Proxy Statement.
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