Richard K. Davis

Last updated
Richard K. Davis
Personal details
Born1958 (age 64–65)
Born in America
Education California State University, Fullerton (BA)
OccupationRetired as Chief Executive Officer, Make-A-Wish America (January 2, 2019 - November 2022)

Richard K. Davis (born 1958 [1] ) is an American businessman. [2] [3] [4] Since January 2, 2019 Davis has served as the chief executive officer of Make-A-Wish America, having previously served as Executive Chairman and President of U.S. Bancorp. [2] [3] [4] [5]

Contents

Biography

Davis 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

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

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 as one of the World's Most Ethical Companies. [16]

Involvement in Minnesota Orchestra lockout

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]

Related Research Articles

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Old National Bank</span> American Regional Bank

Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 100 banking companies in the U.S. Its primary banking footprint is in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.

Jerry Grundhofer is the former CEO and Chairman of U.S. Bancorp.

<span class="mw-page-title-main">U.S. Bank Center (Milwaukee)</span> Tallest skyscraper located in downtown Milwaukee, Wisconsin

U.S. Bank Center is a skyscraper located in downtown Milwaukee, Wisconsin, noted for being the tallest building in the state of Wisconsin, and the tallest building between Chicago and Minneapolis. Standing 601 feet (183 m) and 42 stories tall, the building has a floor area of 1,077,607 sq ft (100,113.0 m2) and it surpassed the Milwaukee City Hall as the tallest building in both the city and the state. Topped off August 29, 1972, and completed in 1973, it was the headquarters for what eventually became Firstar Corporation from 1973 to 2001. The building was designed by Colombian-Peruvian architect Bruce Graham with James DeStefano of Skidmore, Owings & Merrill, and engineered by Bangladeshi-American structural engineer Fazlur Rahman Khan. As of 2017, the building is home to the headquarters of Foley & Lardner, Robert W. Baird & Company, Sensient Technologies Corporation, and is the Milwaukee office for U.S. Bank, IBM, and CBRE.

<span class="mw-page-title-main">MUFG Union Bank</span> American full-service banking group

Union Bank is a nationally licensed full service bank with 398 branches in California, Washington and Oregon that was wholly owned by MUFG Americas Holdings and was acquired by U.S. Bancorp. Headquartered in New York City, it has commercial branches in Dallas, Houston, New York and Chicago, in addition to two international offices.

Umpqua Holdings Corporation, d.b.a. Umpqua Bank, is a financial holding company based in downtown Portland, Oregon, United States. Headquarters are in the Umpqua Bank Plaza, formerly the headquarters of Benj. Franklin Savings and Loan. The firm has two principal operating subsidiaries: Umpqua Bank and Umpqua Investments.

The Lorain National Bank was a bank headquartered in Lorain, Ohio. The bank was a subsidiary of LNB Bancorp, a bank holding company. It operated 20 branches, all of which were in Lorain County, Cuyahoga County, or Summit County. In 2015, the bank was acquired by Northwest Bank.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

<span class="mw-page-title-main">Joseph E. Hasten</span>

Joseph E. Hasten was the President and CEO of ShoreBank, America's first and leading community development and environmental bank founded in 1973 in Chicago, Illinois and named one of Fast Company's 45 Social Entrepreneurs Who Are Changing the World in 2008. Hasten led ShoreBank's socially responsible investing in the under-served urban neighborhoods of Chicago, Illinois; Cleveland, Ohio; and Detroit, Michigan. Previously, Hasten was the vice-chairman of U.S. Bancorp.

David McKenzie Moffett is an American businessman and was formerly the CEO of Freddie Mac. He was previously an executive with U.S. Bancorp. He also served as senior advisor to the Carlyle Group, and has been a director at eBay since July 2007. On March 2, 2009, Moffett announced his resignation as CEO of Freddie Mac.

Douglas M. Baker Jr. is chairman of the board and chief executive officer of Ecolab, Inc., a Fortune 500 company in water, hygiene and energy technologies and services.

<span class="mw-page-title-main">First Bank System</span> American regional bank holding company

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

<span class="mw-page-title-main">Patriot National Bancorp</span> American bank holding company

Patriot Bank, N.A. (PNBK) is the bank holding company for Stamford, Connecticut-based Patriot Bank NA, which has locations in Connecticut and New York State. Patriot Bank provides retail and commercial banking services to local businesses, nonprofits, municipalities, families, and individuals throughout southern Connecticut and Westchester County, New York. The company is traded on NASDAQ as PNBK.

<span class="mw-page-title-main">Kenneth T. Neilson</span>

Kenneth T. Neilson is an American banker and business executive. He is the former president and chief executive officer of Patriot National Bancorp, Inc. and Patriot Bank, N.A. He has served as director since October 2010.

<span class="mw-page-title-main">Bell Bank</span> Privately owned interstate bank

Bell Bank is a privately owned interstate bank headquartered in Fargo, North Dakota, with assets of $11 billion Bell Bank, which employs more than 1,900 people has 20 full-service banking locations in North Dakota, Minnesota and Arizona, and mortgage locations in Arizona, Colorado, Florida, Kansas, Illinois, Minnesota, Missouri, New Mexico, North Dakota, Tennessee and Wisconsin. State Bankshares is Bell Bank's parent company.

<span class="mw-page-title-main">Star Banc Corporation</span>

Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.

<span class="mw-page-title-main">TCF Financial Corporation</span> Former American financial services company

TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares. It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.

Customers Bancorp, Inc. is a publicly-traded bank holding company and parent of Customers Bank. It had an initial public offering on NASDAQ in 2013 under the ticker name "CUBI". The company is headquartered in West Reading, Pennsylvania and Jay Sidhu is chairman and chief executive officer.

References

  1. 1 2 Brian Lambert (2012-06-29). "Richard Davis". Twin Cities Business. Retrieved 2015-01-17.
  2. 1 2 3 4 5 6 7 BusinessWeek
  3. 1 2 3 4 5 "Richard Davis - Forbes".
  4. 1 2 3 4 The Wall Street Journal
  5. 1 2 3 "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". phx.corporate-ir.net. U.S. Bank. Retrieved 27 July 2015.
  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. Archived from the original on 10 July 2015. 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. Archived from the original on 8 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". Archived from the original on 10 July 2013. 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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.