Richard K. Davis

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

Biography

Davis spent his childhood in California.[1] As a child, he was paid $28,000 for a two-week gig as a Munchkin in a production of the Wizard of Oz, under the stage name "Ricky Davis."[6] Davis received a Bachelors 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]

He began his career as a teller at eighteen years of age.[5] 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 since October 2004, Chief Executive Officer since December 2006, and Chairman of the Board since 2007.[2][3][4]

He served as an Executive Vice President of Bank of America and of Security Pacific.[2] Formerly, he served on the Board of Directors of Visa Inc..[2] He serves as Chairman of the Financial Services Roundtable, as a director of the Clearing House and the American Bankers Association, as a member of the International Monetary Conference, and as representative for the Ninth District of the Federal Reserve, where he serves on its Financial Advisory Committee.[3][5] He serves on the Board of Directors of Xcel Energy.[2][3][4][5] He serves as Assistant Vice President of Claims at Maiden Re.[2] He was Vice Chairman of the Board of Directors of The Business Council in 2013-2014.[7][8]

Davis serves on the Boards of the American Red Cross, the Minnesota Orchestra, the National Underground Railroad Freedom Center, the Guthrie Theatre, the Minneapolis YMCA, the Minneapolis Art Institute, and the University of San Diego.[2][5] He has an honorary degree from his alma mater, California State University, Fullerton, conferred upon him in 2014.[9]

Involvement in Minnesota Orchestra lockout

Davis's 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." [10] The handling of the lockout has been a controversial topic in the Twin Cities and in the music world.[11][12][13][14][15][16][17][18][19][20] 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.[21]

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." [22] 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." [23] 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." [24]

References

  1. ↑ 1.0 1.1 Brian Lambert (2012-06-29). "Richard Davis". Twin Cities Business. Retrieved 2015-01-17.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 BusinessWeek
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 Forbes
  4. ↑ 4.0 4.1 4.2 4.3 4.4 The Wall Street Journal
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 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. ↑ Dow Chairman and CEO Andrew Liveris Elected Chairman, The Business Council, dow.com, October 19, 2012
  8. ↑ Press Release: The Dow Chemical Company, Dow Chairman and CEO Andrew Liveris Elected Chairman, The Business Council, Yahoo!, October 19, 2012
  9. ↑ "Honorary Degrees Conferred by the California State University: Richard K. Davis, Businessman/Philanthropist" (Press release). California State University, Fullerton. 2014-07-21. Retrieved 2015-01-17.
  10. ↑ Royce, Graydon (8 September 2012). "What price orchestral excellence?". Retrieved 14 July 2013.
  11. ↑ "Letter to the Editor". Star Tribune. 6 October 2012. Retrieved 14 July 2013.
  12. ↑ Ross, Alex. "Amplification". The Rest Is Noise. Retrieved 14 July 2013.
  13. ↑ McManus, Drew. "Nose? Spite? Face?". Adaptistration. Retrieved 14 July 2013.
  14. ↑ Fletcher, Alan. "2013 Convocation, Aspen Music Festival". Retrieved 14 July 2013.
  15. ↑ Nehil, Tom. "Chicago Symphony Orchestra president comments on MN orchestra lockouts". MinnPost. Retrieved 14 July 2013.
  16. ↑ DeCosse, Paula and Cy. "We're locked out, too: Questions for MN Orchestra management". MinnPost. Retrieved 14 July 2013.
  17. ↑ McManus, Drew. "Hell Hath No Fury Like A Legislature Scorned". Adaptistration. Retrieved 14 July 2013.
  18. ↑ Kahn, Rep Phyllis. "At its core, the issue in the MN Orchestra lockout is values, not budgets". MinnPost. Retrieved 14 July 2013.
  19. ↑ 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.
  20. ↑ Hogstad, Emily E. "Questions remain about fiscal performance of Minnesota Orchestra's board, management". MinnPost. Retrieved 14 July 2013.
  21. ↑ Berdan, Kathy (2 May 2013). "Minnesota Orchestra director Osmo Vanska threatens to resign over contract dispute". Pioneer Press. Retrieved 14 July 2013.
  22. ↑ Royce, Graydon (1 December 2010). "Frugality pays off for Minnesota Orchestra". Retrieved 14 July 2013.
  23. ↑ "Minn Orchestra makes a stand". Star Tribune. 29 November 2012. Retrieved 14 July 2013.
  24. ↑ "State Money Provided to the Minnesota Orchestral Association Special Review". Financial Audit Division, State of Minnesota. Retrieved 14 July 2013.