According to federal disclosure filings released last week, US Bank CEO Richard Davis received a nice little bump in compensation last year. After making a paltry $10.8 million in 2013, Davis took home a grand total of $19.4 million in 2014.
US Bank wrote in its federal filing (called a proxy statement) that the boost in compensation basically came down to a change in accounting practices. Last year Davis's pension only gained $70,000 in value, but this year that shot up to $8.2 million because of a "change in discount rate used pursuant to pension accounting rules to calculate the present value of future payments."
In related news, corporate finance and accounting practices continue to make no sense to the average American.
Here's how Davis made it to $19.4 million:
- Base salary: $1.2 million (up $100,000 from 2013)
- Stock awards: $5.6 million (up $375,000)
- Option awards: $1.9 million (up $125,000)
- Non-equity incentive plan compensation: $2.5 million (down $135,000)
- Change in pension value: $8.2 million (up $8.1 million)
- All other compensation: $15,000 (down $8,000)
Davis wasn't the only US Bank executive to make more money last year.
Four other top executives listed in the proxy statement -- Andrew Cecere, Pamela A. Joseph, Richard B. Payne Jr. and P.W. (Bill) Parker -- were paid between $120,000 and $3.3 million more in 2014 compared to 2013.
Those figures have us wondering if regular, rank-and-file employees are getting a piece of the bounty. When was the last time bank tellers got a raise? US Bank employees, please drop us a line here and let us know.
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