U.S. Bancorp CEO Andrew Cecere's compensation decreased 11% last year to $17.3 million, mainly because he exercised fewer stock options.
Here's a breakdown, according to the formula the Star Tribune uses.
Andrew Cecere
Chair, CEO and president
U.S. Bancorp
- Total compensation: $17,253,855 for the year ended Dec. 31.
- Salary: $1,300,000
- Non-equity incentive pay: $4,785,300
- Other compensation: $72,214
- Exercised stock options: $808,561
- Value realized on vesting shares: $10,287,780
- Median employee pay: $83,357
- CEO pay ratio: 194 to 1
- Total 2022 shareholder return: -19.1%
Note: The Star Tribune executive compensation includes salary bonuses and the value of long-term equity awards when stock options are exercised or restricted stock awards vest. By that method Cecere's compensation declined 11% from the $19.4 million he realized in 2021.
While Cecere's annual salary increased by 8.3% to $1.3 million in 2022 and his annual performance bonus increased 5.5% to $4.8 million, his overall compensation decreased because the value of his long-term equity awards that vested or were exercised declined 18%.
Cecere exercised 10-year options in 2022 that were set to expire that were worth $808,561 when the previous year he exercised options worth $5.1 million. The value of his restricted stock awards that did vest increased 21% to $10.3 million.
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