Alan B. Colberg
US BANCORP \DE\About Alan B. Colberg
Alan B. Colberg (age 63) is an independent director of U.S. Bancorp, serving since January 2023. He is the retired President and CEO of Assurant, Inc., and previously spent 22 years at Bain & Company, where he led the global financial services practice; he began his career as an accountant at Procter & Gamble. He serves on the Audit Committee (designated audit committee financial expert) and the Public Responsibility Committee, bringing deep financial reporting, risk management, and financial services expertise to the board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Assurant, Inc. | President (2014–May 2021); CEO & Director (Jan 2015–Dec 2021) | 2014–2021 | Led specialty insurance products/services; CEO credentials underpin governance and risk oversight |
| Bain & Company, Inc. | Senior leadership roles; Global Head of Financial Services Practice | ~22 years | Advised major financial institutions; risk and strategy expertise |
| Procter & Gamble | Accountant | Early career | Foundational accounting experience |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Corebridge Financial, Inc. | Chair of the Board; Chair, Nominating & Corporate Governance Committee | Since 2022 | Board leadership and governance oversight |
| Assurant, Inc. | Director | 2015–2021 | Public company board member during CEO tenure |
| CarMax, Inc. | Former Chair, Nominating & Governance Committee | Not disclosed | Prior governance leadership experience |
Board Governance
- Committee assignments: Audit; Public Responsibility. Audit Committee held 10 meetings in 2024; Public Responsibility held 4 meetings in 2024 .
- Audit Committee financial expert: Board designated Colberg as an audit committee financial expert .
- Independence: Board determined Colberg is independent (along with all non-employee directors) .
- Attendance: Board held 12 meetings in 2024; each director attended at least 75% of Board/committee meetings; average attendance was 99%; all directors attended the 2024 annual meeting .
- Years of service and other boards: Director since 2023; one other public company board; age 63 .
- Overboarding policy and director ownership/hedging rules: Limits on total public boards; 5x retainer stock ownership guideline; hedging/pledging prohibited .
Fixed Compensation
Structure for non-employee directors (April 2024–April 2025 term):
- Board annual cash retainer: $100,000; Lead Independent Director additional $50,000 .
- Committee chair retainers: Audit/Risk $45,000; Compensation/Governance/Public Responsibility $30,000; Cybersecurity Subcommittee chair $25,000 .
- Committee member retainers: Audit and Risk Management $20,000 .
- Special meeting fees: $1,500 per special/non-regular meeting and subcommittee meeting .
2024 actual paid (Colberg):
| Component | Amount ($) |
|---|---|
| Fees earned or paid in cash | 127,500 |
| Stock awards (grant-date fair value) | 185,013 |
| All other compensation | — |
| Total | 312,513 |
Notes:
- Each non-employee director received 4,691 RSUs on April 18, 2024 (grant-date fair value ~$185,000) fully vested at grant, settlement deferred until board departure; Mr. Gillani received a prorated award upon joining mid-term .
Performance Compensation
Director equity award details (annual grant; directors do not have performance-tied awards):
| Grant Type | Grant Date | Units/Value | Vesting | Settlement | Dividend Equivalents |
|---|---|---|---|---|---|
| RSUs | April 18, 2024 | 4,691 RSUs; $185,013 FMV | Fully vested at grant | Deferred until cessation of service (lump sum or 10 installments) | Additional RSUs equal to cash dividends that would have been paid on stock |
| Plan Feature | Ongoing | — | — | Deferred comp optional for cash fees; U.S. Bancorp stock fund pays in shares | Director Deferred Compensation Plan available |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards | Corebridge Financial, Inc. (Chair; Chair N&G) |
| Prior public boards | Assurant, Inc. (Director, 2015–2021) |
| Interlocks/Related party | Proxy discloses Microsoft transactions; no related-person transactions disclosed for Colberg. Board affirmed independence of non-employee directors including Colberg; Microsoft transactions immaterial to Mehdi’s independence and to USB/Microsoft revenues . |
| Overboarding | Board limits: ≤3 other public boards (≤1 for sitting public-company CEOs); Colberg currently listed with 1 other board . |
Expertise & Qualifications
- Financial reporting and accounting: CEO experience and audit committee leadership experience; designated audit committee financial expert .
- Financial services and risk management: Former CEO of Assurant; led Bain’s financial services practice; strong risk management profile .
- Corporate governance: Current board chair (Corebridge) and committee chair; prior chair of CarMax N&G committee .
Equity Ownership
As of February 3, 2025:
| Ownership Type | Amount |
|---|---|
| Common stock (outstanding) | 10,050 shares |
| Options exercisable within 60 days | — |
| RSUs (including director RSUs; immediately vested, deferred settlement) | 11,573 units |
| Deferred compensation (share-equivalent) | — |
| Total beneficial ownership | 21,623 (less than 1%) |
| Preferred depositary shares | 5,000 depositary shares, each 1/25th interest in Series N preferred |
| Hedging/pledging | Prohibited for directors |
| Ownership guideline | 5x annual cash retainer; all directors compliant or on track as of 12/31/2024 |
Governance Assessment
- Board effectiveness: Independent director with high-relevance expertise (financials, audit, risk), serving on Audit and Public Responsibility; Audit Committee met 10 times in 2024; PRC met 4 times—supports robust oversight cadence .
- Independence and conflicts: Board affirmatively determined independence; no related-party transactions disclosed for Colberg; overall low conflict profile for this director .
- Engagement and attendance: Board ran 12 meetings in 2024; directors’ average attendance 99%; each director ≥75% and all attended the 2024 annual meeting—supports engagement quality .
- Compensation and alignment: Balanced mix of cash retainer and deferred-settlement RSUs; director stock ownership guideline at 5x retainer; hedging/pledging prohibition; RSU settlement only upon departure aligns long-term orientation .
- Red flags: None disclosed specific to Colberg; no pledging, no related-party transactions, strong committee involvement and independence .