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Article: Executives at U.S. Bancorp Received Hefty Restricted-Stock Allotments in 2001.
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- March 6, 2002
CopyrightCOPYRIGHT 2002 The Milwaukee Journal Sentinel. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Paul Gores
Mar. 6--In a year in which company earnings per share fell 41 percent, top executives of U.S. Bancorp drew no bonuses but received hefty allotments of restricted stock, according to 2001 documents filed by the banking firm with regulators.
The salary of Jerry A. Grundhofer, president and chief executive officer of the Minneapolis-based parent company of Firstar Bank, rose 3.4 percent to $975,037 last year. But after receiving a $282,837 bonus in 2000 and $1.7 million in 1999, Grundhofer went without a bonus in 2001.
However, Grundhofer received restricted stock worth nearly $6.2 million -- compensation that does not fully ...