Jerry A. Grundhofer

Who is Jerry A. Grundhofer?

Jerry Grundhofer is the former CEO and Chairman of U.S. Bancorp. He graduated from Seattle University in 1965. In 1993, he became the president of Star Banc Corporation and held that position until 1998, when it merged with Firstar Corporation. He had been the CEO of U.S. Bancorp since February 2001, and has been Chairman of the Board since 2002. Jerry Grundhofer stepped down as CEO on December 12, 2006 and was replaced by his longtime lieutenant Richard K. Davis who assumed the position of CEO in addition to his current role as President. Jerry Grundhofer was to remain as Chairman of the Board of Directors until the end of 2007 when he was scheduled to retire. Jerry was a former Vice-President of Security Pacific Bank and Bank of America when that institution bought out Security Pacific Bank in the early 1990s. He left Bank of America to join Star Banc Corporation in 1993.

Jerry Grundhofer received $17.98 million in total compensation in 2005 which included stock options and other forms of compensation. In 2006, he received $32.28 million in total compensation an increase of over 79.5% per year over the previous year while US Bancorp's stock price and return on equity increased 20% and 23% respectively during the same period.