U.S. Bancorp Announces Executive Compensation Adjustments Following Leadership Transition

U.S. Bancorp has formalized executive compensation changes following its recent leadership transition, as disclosed in a regulatory filing dated April 15, 2025.

Effective April 16, 2025, newly appointed President and CEO Gunjan Kedia will receive a base salary of $1.2 million and an annual cash incentive target equal to 275% of her base salary. Additionally, Kedia will be granted a performance-based restricted stock unit (PRSU) award valued at $1.5 million under the 2024 Stock Incentive Plan. The structure mirrors similar 2025 awards for other top executives, reflecting her expanded role and market pay standards.

Former Chairman and CEO Andrew Cecere, who now serves as Executive Chairman, will receive a base salary of $1.4 million starting April 16, 2025. The Board also approved an amendment to the U.S. Bank Non-Qualified Retirement Plan, freezing Cecere’s supplemental benefit as of April 15, 2025. His payout will follow the lump sum terms elected previously and be calculated using the interest rate and mortality assumptions applicable on the freeze date.