US Bank 2006 Annual Report Download - page 9

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U.S. BANCORP 7
96 97 98 99 00 01 02 03 04 05 06
100
200
400
300
$500
(A $100 investment in U.S. Bancorp in 1996 was worth $487 at year-end 2006)
6
500
New board member
In October 2006, we were pleased to
welcome Olivia F.Kirtley to the board of
directors. Ms. Kirtley serves on the company’s
governance and audit committees.
Her extensive experience in those areas
makes her a valuable addition to our
board. Ms.Kirtley, a Certified Public
Accountant, is a business consultant on
strategic and corporate governance issues
and previously served as vice president
of finance and chief financial officer of
VermontAmerican Corporation, a global
manufacturer.Prior to joining Vermont
American, she was with the accounting
firm of Ernst & Young.
Managing U.S. Bancorp to create
shareholder value
During the fourth quarter of 2006 we
announced a 21 percent increase in the
dividend rate on U.S. Bancorp common
stock.This increased dividend payout
allows our superior,industry-leading
profitability to be transferred to our
shareholders, while allowing us the
financial flexibility we need to support
balance sheet growth, capital expenditures
and small cash acquisitions.
The dividend action continues 35 consecutive
years of increasing our dividend. Since
1993, our dividend has shown a compound
annual growth rate of 20.8 percent,
ranking number one among our peer
banking companies. U.S. Bancorp has paid
a dividend for 144 consecutive years.
We value and appreciate your investment
in U.S. Bancorp. From the hiring and
development of talented, dedicated
employees to providing outstanding
customer service to our strategic direction
and our everyday management, we work
to increase the value of your investment
in this company. It’s the reason we come
to work each day.
Sincerely,
JerryA.Grundhofer
Chairman of the Board
U.S. Bancorp
February 26, 2007
Richard K. Davis
President and Chief Executive Officer
U.S. Bancorp
RETURNING 80% OF EARNINGS TO SHAREHOLDERS
(Earnings)
100%
50
0
8020
005 0
00
0
Richard Davis (left) and Jerry Grundhofer
Richard Davis succeeds Jerry Grundhofer
as CEO,December 12, 2006.
In accordance with an established succession plan,
and a move designed to sustain our company’s
growth and profitability,on December 12, 2006,
Richard K. Davis succeeded Jerry A. Grundhofer as
CEO of U.S. Bancorp. Richard will retain his title of
president in addition to his new title of chief executive
officer.Jerry will remain with U.S. Bancorp as
chairman of the board until December 31, 2007.
Richard had been president and chief operating
officer of U.S. Bancorp since October 2004, and
Jerry had been chief executive officer since 1993.