Andrew Cecere

Chairman and CEO (transitioning to Executive Chairman) at US Bancorp

Board

Since April 2017

Age

64 years

Tenure

Joined USB in February 2001 and has held multiple leadership roles including Vice Chairman, CFO, COO, President, and CEO, with a planned transition to Executive Chairman on April 15, 2025.

Also at US Bancorp

Arijit Roy

Head of Consumer and Business Banking Products

Gunjan Kedia

President and CEO (effective April 15, 2025)

JCS

John C. Stern

Senior Executive Vice President and CFO

About

Andrew Cecere is a seasoned executive with a long tenure at U.S. Bancorp, currently aged 64. His career at the company began in February 2001, after which he quickly ascended through several key roles, demonstrating strong leadership and financial expertise.

Throughout his service at USB, he has held positions including Vice Chairman, Chief Financial Officer, Chief Operating Officer, President, and Chief Executive Officer. In April 2017, he assumed the role of CEO and later became Chairman in April 2018, paving the way for his upcoming transition to Executive Chairman on April 15, 2025.

His professional journey reflects a commitment to advancing technology, risk management, and strategic growth initiatives at USB, contributing significantly to the bank's evolution over nearly two decades. This well-rounded experience underscores a legacy of leadership during periods of significant industry change.

Past Roles

Organization	Role	Date Range	Details
U.S. Bancorp	Chairman and Chief Executive Officer	May 2024 - April 15, 2025	Transitioned to Executive Chairman
U.S. Bancorp	Chairman, President, and Chief Executive Officer	April 2018 - May 2024	Combined role
U.S. Bancorp	President and Chief Executive Officer	April 2017 - April 2018	N/A
U.S. Bancorp	President and Chief Operating Officer	January 2016 - April 2017	N/A
U.S. Bancorp	Vice Chairman and Chief Operating Officer	January 2015 - January 2016	N/A
U.S. Bancorp	Vice Chairman and Chief Financial Officer	February 2007 - January 2015	N/A
U.S. Bancorp	Vice Chairman, Wealth Management and Investment Services	February 2001 - February 2007	N/A
Donaldson Company, Inc.	Director	N/A - 2021	Past directorship ended in 2021

Fixed Compensation

Data from FY 2024

Component Name	Amount	Payment Schedule	Additional Details
Salary	$1,400,000	2024, regular salary	Base salary as disclosed
Stock Awards - RSUs	N/A	2024 grant	Total Stock Awards of $11,000,024 include both time‐based and performance‐based units; the RSU portion is not separately disclosed
Change in Pension Value and Non-Qualified Deferred Compensation Earnings	$1,926,261	Year-end adjustment	Increase in actuarial net present value for retirement benefits from December 31, 2023 to December 31, 2024
All Other Compensation	$83,642	Various reimbursements	Includes parking, 401(k) matching, financial planning expenses, home security system, business club dues, and other expenses

Performance Compensation

Data from FY 2024

Stock Awards - PRSUs

Metric	Details
Performance Metric	Absolute and relative ROE
Threshold (shares)	0
Target (shares)	157,293
Maximum (shares)	235,939 (150% of target)
Performance Period	January 1, 2024 – December 31, 2026
Vesting Date	February 28, 2027
Grant Date	February 29, 2024
Committee Approval Date	January 22, 2024
Grant Date Fair Value	$6,600,014
Grant Date Stock Price	Not provided
Dividend Treatment	Cash dividends on unvested PRSUs accrue and are paid upon vesting
Risk Mitigation	Sliding scale earn-out calculation with adjustments for significant items

Non-Equity Incentive Plan Compensation

Metric	Details
Award Amount	$4,929,400
Payment Schedule	Paid in 2025
Performance Basis	Determined based on 2024 performance under the Annual Executive Incentive Plan (AEIP)