BEST EXAMPLE OF KEEPING IT IN THE FAMILY Minneapolis 2001 - The Grundhofers
What to do when you become a feared banking mogul in the 1990s, only to see Wall Street turn jittery at your slash-and-burn management style come the dawn of the millennium? If you're Jack Grundhofer, CEO of U.S. Bancorp, you lean on your little brother. Last year, with U.S. Bank mired in two lawsuits over the alleged sale of customers' personal data to telemarketing companies and with share prices floundering, the company announced a $160 billion merger with Firstar Corp., run by Jack's brother Jerry. With the deal, Jerry takes over as CEO, while 61-year-old Jack gets a golden parachute extraordinaire: chairmanship of the newly merged corporation for the next four years, followed by retirement pay of $2.9 million per year, plus stock options up the wazoo.