U.S. Bancorp CEO's pay dropped 40% in 2020
March 10, 2021 — 10:36am
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Total compensation: $8,214,045 for the year ended Dec. 31
Salary: $1,200,000
Other compensation: $61,256
Median employee pay: $76,932
CEO pay ratio: 218-1
Total 2020 shareholder return: -17.9%
Note: Cecere's total realized compensation decreased 40% from 2019, mainly because he didn't exercise stock options in 2020. In the previous three years, Cecere's average gain from option exercises was more than $6 million. Cecere also hasn't received new option awards since 2017.
Cecere's annual cash incentive pay decreased 28% from 2019 as U.S. Bancorp's corporate and business line results finished under targets for 2020.
The board of directors elected to reduce its equity award compensation by 33% in April 2020 to recognize the impacts of the COVID-19 pandemic on the company. According to U.S. Bancorp's proxy, the board took an active role in overseeing management's pandemic response. It did not adjust the annual incentive formulas for Cecere and other executives. That means, like Cecere, many executives at U.S. Bancorp experienced lower overall compensation in 2020.