Richard K. Davis

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Richard K. Davis
Nationality U.S.
Education Bachelor’s in Economics, California State University
Occupation Banking
Organization U.S. Bancorp
Title Executive Chair
Board member of
Awards
  • Banker of the Year, American Banker (2010)
  • Executive of the Year,
  • Twin Cities Business Journal (2010)
  • Henrickson’s Ethical Leadership Medal
  • St. Mary's University of MN (2011)
  • Honorary Degree, University of St. Thomas
  • Honorary Degree, College of Mt. St. Joseph

Richard K. Davis (born 1958[1]) is an American businessman.[2][3][4] He currently serves as Executive Chairman on the Board of U.S. Bancorp, having previously served as President and Chief Executive Officer.[2][3][4][5]

Biography[edit]

Davis, 57, is a native of Southern California and spent his childhood there.[1] As a child, he earned the seed money for college as a professional actor and singer, including a performance in a production of the Wizard of Oz. This led to Davis' passion for the arts and later board work with various arts organizations.[6] Davis began his banking career at 18 [5] as a teller to pay his way through college. He received a Bachelor's Degree in Economics from California State University, Fullerton in 1983.[2] He completed Banking School Programs at the University of Washington and Cornell University.[2]

Davis rose through the banking ranks to ultimately lead the fifth largest commercial bank in the U.S. Davis served as an Executive Vice President of Bank of America and of Security Pacific.[2] In 1993, he joined Star Banc Corporation as Executive Vice President for Consumer Banking.[3][4][5] In 1998, he oversaw the merger of the Star Banc Corporation with the Firstar Corporation, Firstar with the Mercantile Corporation in 1999, and Firstar with U.S. Bancorp in 2001.[2] He served as Chief Operating Officer of U.S. Bancorp from October 2004 to December 2006.[3] He has served as President from October 2004 to January 2016, Chief Executive Officer since December 2006, and Chairman of the Board since 2007.[2][3][4]

U.S. Bancorp is a financial services holding company with more than $422 billion in total assets as of December 31, 2015, 67,000 employees and businesses across the United States, Canada, and Europe, serving more than 18.5 million customers. U.S. Bancorp is headquartered in Minneapolis and is the parent company of U.S. Bank, which has 3,164 full-service banking offices and 5,020 ATMs in 25 states. U.S. Bancorp is also the parent company of Elavon, a provider of merchant processing services. [7] Davis chairs U.S. Bancorp's management committee, composed of the 14 highest-ranking executives within the organization.

Leadership positions[edit]

In 2015, Davis served on the boards of the Twin Cities YMCA, Minneapolis Art Institute, University of Minnesota Foundation, Greater MSP, National American Red Cross, University of San Diego, Minnesota Business Partnership, The Clearing House, Itasca Group, Twin Cities United Way, Dow Chemical and the Financial Services Roundtable, of which he previously served as chairman. He also serves as the lead director of Xcel Energy Inc. and serves as Executive Chairman of U.S. Bancorp.[8]

Honors[edit]

Davis has been honored by the Banking and Finance Division of the UJA-Federation of New York and has been the recipient of the President's Lifetime Volunteer Service Award.[9] In 2010, American Banker selected Davis as the Banker of the Year, [10] and he was chosen "2010 Executive of the Year" by the Twin Cities Business Journal. [11] In 2011, he received the Hendrickson's Award for Ethical Leadership.[12] He was instrumental in starting Step Up, a Twin Cities program that has given more than 18,000 distinguished teenagers their first "professional" summer jobs. [13]

Under Davis' leadership, U.S. Bank earned the 2011 Spirit of America Award, the highest honor bestowed upon a company by United Way.[14] U.S. Bancorp was awarded the 2013 Freedom award, the highest recognition given by the U.S. Department of Defense to employers for their support of employees who serve in the National Guard and Reserve. [15] In 2015, U.S. Bank was recognized by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices, as a World's Most Ethical Company.[16]

Personal[edit]

Davis is married to his high-school sweetheart, is the father of three adult children and has three grandchildren.

Involvement in Minnesota Orchestra lockout[edit]

Davis' tenure on the Board of the Minnesota Orchestra has been marked by controversy, mainly due to his involvement in the 2012-2013 musician lockout. In October 2012, Davis said to the Star Tribune of the Minnesota Orchestra musicians, "There's a risk that they find their way to another place, and those who can leave will. It's going to be a personal decision where they want to perform." [17] The handling of the lockout has been a controversial topic in the Twin Cities and in the music world.[18][19][20][21][22][23][24][25][26][27] In April 2013, celebrated music director Osmo Vänskä wrote an open letter to the Minnesota Orchestra Board of Directors, signaling his intent to resign by September if the lockout was not settled.[28]

When the Minnesota Orchestra balanced its budget in 2010, Davis said, "This was a season characterized by disciplined budget management and significant expense cuts, which kept our operations stable in an unpredictable environment." [29] However, when contract talks with musicians began in 2012, Davis walked back that statement, writing, "In Minnesota, we were able to deliver balanced budgets through large, unsustainable endowment fund draws and 'bridge-the-gap' fundraising." [30] A state auditor report later found that, when petitioning for $14 million in state money to renovate Orchestra Hall, Minnesota Orchestra CEO Michael Henson "did not indicate to legislators that he and some association board members were beginning to have significant concerns about the association’s financial condition." [31]

References[edit]

  1. ^ a b Brian Lambert (2012-06-29). "Richard Davis". Twin Cities Business. Retrieved 2015-01-17. 
  2. ^ a b c d e f g BusinessWeek
  3. ^ a b c d e Forbes
  4. ^ a b c d The Wall Street Journal
  5. ^ a b c The Financial Services Forum
  6. ^ Niemela, Jennifer (3 January 2010). "Hollywood upbringing helped shape Davis’ passion for the arts". Minneapolis St. Paul Business Journal. Retrieved 30 July 2013. 
  7. ^ "Corporate Profile". http://phx.corporate-ir.net. U.S. Bank. Retrieved 27 July 2015.  External link in |website= (help)
  8. ^ "Keynote and Featured Speakers: Richard K Davis". nationalmortgagenews.com. Mortgage Regulatory Forum. Retrieved 27 July 2015. 
  9. ^ "U.S. Bancorp President and CEO Richard K. Davis Receives President's Lifetime Volunteer Service Award". businesswire.com. Business Wire. Retrieved 27 July 2015. 
  10. ^ Landy, Heather. "American Banker's Banker of the Year: Richard Davis, U.S. Bancorp". americanbanker.com. "American Banker". Retrieved 27 July 2015. 
  11. ^ Niemela, Jennifer. "Richard Davis Named Executive of the Year". bizjournals.com/twincities. Business Journals. Retrieved 27 July 2015. 
  12. ^ "Hendrickson Forum Archive". smumn.edu. St. Mary's University of Minnesota. Retrieved 27 July 2015. 
  13. ^ Belz, Adam. "U.S. Bank CEO Richard Davis: 'Banker Body, Preacher Soul'". startribune.com. Star Tribune. Retrieved 27 July 2015. 
  14. ^ "US Bank Wins Spirit of America Award". youtube.com. Twin Cities United Way. Retrieved 27 July 2015. 
  15. ^ "2013 Secretary of Defense Employer Support Freedom Award Finalists Announced". defense.gov. U.S. Department of Defense. Retrieved 27 July 2015. 
  16. ^ "Ethisphere Announces the 2015 World's Most Ethical Companies". ethisphere.com. Ethisphere. Retrieved 27 July 2015. 
  17. ^ Royce, Graydon (8 September 2012). "What price orchestral excellence?". Retrieved 14 July 2013. 
  18. ^ "Letter to the Editor". Star Tribune. 6 October 2012. Retrieved 14 July 2013. 
  19. ^ Ross, Alex. "Amplification". The Rest Is Noise. Retrieved 14 July 2013. 
  20. ^ McManus, Drew. "Nose? Spite? Face?". Adaptistration. Retrieved 14 July 2013. 
  21. ^ Fletcher, Alan. "2013 Convocation, Aspen Music Festival". Retrieved 14 July 2013. 
  22. ^ Nehil, Tom. "Chicago Symphony Orchestra president comments on MN orchestra lockouts". MinnPost. Retrieved 14 July 2013. 
  23. ^ DeCosse, Paula and Cy. "We're locked out, too: Questions for MN Orchestra management". MinnPost. Retrieved 14 July 2013. 
  24. ^ McManus, Drew. "Hell Hath No Fury Like A Legislature Scorned". Adaptistration. Retrieved 14 July 2013. 
  25. ^ Kahn, Rep Phyllis. "At its core, the issue in the MN Orchestra lockout is values, not budgets". MinnPost. Retrieved 14 July 2013. 
  26. ^ Eisenberg, Jonathan L. "How management's self-inflicted wounds are killing Minnesota’s two world-class orchestras — and what to do about it". MinnPost. Retrieved 14 July 2013. 
  27. ^ Hogstad, Emily E. "Questions remain about fiscal performance of Minnesota Orchestra's board, management". MinnPost. Retrieved 14 July 2013. 
  28. ^ Berdan, Kathy (2 May 2013). "Minnesota Orchestra director Osmo Vanska threatens to resign over contract dispute". Pioneer Press. Retrieved 14 July 2013. 
  29. ^ Royce, Graydon (1 December 2010). "Frugality pays off for Minnesota Orchestra". Retrieved 14 July 2013. 
  30. ^ "Minn Orchestra makes a stand". Star Tribune. 29 November 2012. Retrieved 14 July 2013. 
  31. ^ "State Money Provided to the Minnesota Orchestral Association Special Review". Financial Audit Division, State of Minnesota. Retrieved 14 July 2013.