If there is one thing that contributes to the success of a financial corporation, it is the exemplary marketing efforts and the ability to utilize the technology in the banking sector. There is no denying that US Bancorp has successfully implemented all the marketing techniques.
Major credit goes to the backbone of US Bancorp, Andrew Cecere, who defines sheer hard work and perseverance. Like every hustler, Cecere has walked the path of hardships to reach where he is today.
Very few people understand how to leverage technology and marketing skills in financial services to bring out the best from a commercial firm. Andrew Cecere is one such personality who has mastered the art of working in the financial industry and bringing the best out of an organization.
The following article brags about the detailed career, life, and professional background of Andrew Cecere.
If you love to know about people shining bright in their respective fields and have started from scratch, this will be worth your time.
About Andrew Cecere
Andrew Cecere, also known as, Andrew J. Cecere, is the Chairman, Chief Executive Officer, and President of the US Bancorp. He was born on 24th July 1960 and is 61 years old.
He is the genius behind the sparkle in the US Bancorp, and his deep-rooted association with the organization allows him to play a memorable part.
Apart from Bancorp, Cecere also leads US Bank NA, US Bank Kansas, and U.S. Banquecorp and is associated as an overseer board member of The Curtis L. Carlson School of Management.
Andrew Cecere has established US Bancorp as one of the leading financial corporations in the country. The company has a booming business across many nations like the U.S., Canada, and Europe. The headquarter of US Bancorp is in Minneapolis, and it is the parent company of US Bank.
Because of Cecere’s dedication and guidance, US Bank has become the fifth-largest commercial bank in the United States, with a heavy turnover year after year.
Andrew Cecere’s Educational Background
Andrew Cecere has a bachelor’s degree in business administration and finance from the esteemed University of St. Thomas. He acquired a master’s degree in business administration from the University of Minnesota.
Furthermore, he still has a healthy association with his alma mater because Andrew sincerely believes in giving back to people who helped him progress. He is currently a board member for both the University of St. Thomas and the University of Minnesota.
Alongside helping his university, Mr. Cecere actively participates in educational conferences to share his two cents on growing in the finance and banking industry.
Andrew Cecere’s Career Timeline
Andrew took over US Bancorp in 2018 after Richard Davis stepped down as the CEO and Chairman of US Bancorp. He is one of the executives in the company who owns the highest authority in terms of decision-making.
Andrew Cecere heads the managing committee of the company and has worked in the industry for more than 40 years. His journey in the finance industry started as a financial analyst in 1985 under Control Data Corporation. In 1990, he became the vice president of acquisition analysis, a massive leap.
Furthermore, in 1992, Cecere was promoted to senior vice president in the finance and planning department of the same organization. Between 1996 to 1999, he served as chief administrative officer for relationship banking, business banking, and private financial services.
In 1999, Mr. Cecere was appointed as the vice chairman of US Bank. In this position, he was supposed to look after the company’s corporate trust, treasury management, leasing, international banking, and government banking.
Between 2000 to 2001, Andrew served as the organization’s chief financial officer. Later on, he was posted in the company’s wealth management division, where he was vice-chairman of the department and made exceptional contributions to the same.
From 2007 to 2015, Andrew Cecere was appointed as the chief financial officer and vice chairman of US Bancorp. Before taking over the CEO position in 2017, he was appointed a chief operating officer in 2015 and president in 2017.
Apart from playing an inevitable role in the leading commercial bank, Andrew is the overseer or board member for the University of Minnesota. He is also a part of the board of trustees at the University of St. Thomas.
Apart from this renowned institution, Mr. Cecere has close associations with Bank Policy Institute, The Clearing House, MN Business Partnership, Business Council, and Business Roundtable.
Having gone through a lot about Cecere’s devoted connection to US Bancorp, take a look at the institution’s background and work in the following section.
About US Bancorp
As per the latest reports, US Bancorp has a human capital of more than 70,000 employees and an asset of more than $554 billion. This is a Minneapolis-based organization whose main task is to bring together several branches, ATMs, and relationship teams to enable tools to let customers enjoy mobile banking services.
These services could be accessible to people from any place at any time. US Bank actively serves many retailers, wealth management firms, commercial and corporate banking firms, payment gateways, businesses, and investment banking organizations in serving across the country.
US Bank stands out from other organizations in the industry because of its dedication to helping customers as a trusted financial partner. Ethisphere Institute recognized the commitment of the organization. The bank was named one of the most ethical companies in 2020.
US Bancorp has a unique scheme of awarding two types of incentives to its executives: time-based restricted awards and performance-based restricted awards. These rewards appreciate the executive for having a long-term healthy association with the company.
Andrew Cecere’s performance, his investment of efforts, and his relationship with the organization have been phenomenal. This summed up his performance-based restricted payout to be 114% higher at a final amount of $8.5 million.
Andrew Cecere’s Personal Life
Andrew Cecere is married to Kathy M. Cecere and has one child with her. He is a complete family man and devotes his time despite having a busy schedule.
His parents were immigrants from Italy and developed a fondness for this country that gave them financial security and better lives. Initially, Andrew’s parents worked hard as restaurateurs and had solid work ethics.
In his interviews, he never misses mentioning that he has inherited the values from his parents, who worked relentlessly to build their family business.
Andrew Cecere’s Net Worth
The approximate net worth of Mr. Andrew Cecere is estimated to be $59.3 million. He has established approximately 26-28 trades for the stocks of US Bancorp since 2016. The recent reports indicate a transaction of 184,187 units of USB stock which was worth $5,273,274.
Moreover, he made the most significant trade of 416,219 units of stock in the October of 2016, which was worth $12,919,438. Despite making a regular exchange of stocks, Andrew still owns about 1,037,110 units from the US Bancorp.
Since Mr. Cecere leads one of the largest commercial banks, his compensation is 3 million dollars. However, his approximate salary is estimated to be $3,207,406. As per the reports, no other executive at Bancorp receives such high compensation.
The compensation for Andrew Cecere in 2021 created a buzz over the internet because of the way the US Bancorp stocks rebounded. His compensation increased by a massive amount of $11 million, making him take home $19.4 million.
This was one of the highest compensations that a CEO at the US Bancorp has received. As the organization’s financial performance improved significantly in 2021, Cecere received a 133% increase in equity pay.
Essential Things You Didn’t Know About Andrew Cecere
Undoubtedly, Mr. Cecere has a significant influence on the finance and banking industry of the country. However, people only know him through media and news companies. Another layer to his personality will inspire you to thrive harder.
Below are some inspirational facts you can derive from the life and habits of Andrew Cecere.
Andrew Cecere is a modest person who does not like to enjoy a lot of attention. However, by analyzing his interviews and webcasts, it is confirmed that he has always been the one to focus on his work.
This is the only reason he does not like to get involved in the glamorous world, talking about his achievements. His ultimate goal is to deliver the best to his workplace and bring a positive change to society.
Although Andrew Cecere is his formal name, he is called Andy by many close friends. He has a lot of friends in the industry and news companies as well. You will be able to find a lot of interviews where they denote him as Andy Cecere.
iii). Humorous Side
Though he is in a position of authority, a funny side makes him appealing to every associate and colleague. He makes every interviewer comfortable and does not intimidate them.
Many people in the industry talk about his down-to-earth behavior that puts them at ease while meeting him for the first time.
iv). Community Support
Cecere has a keen interest in community support which is why he is constantly trying to give back to society by improving the quality of education. Andrew Cecere loves to motivate students to pursue their passion and guides them on excelling in their path.
He is closely in touch with the institutions where he pursued his graduation and master’s degree. Andrew inspires students by taking part in several conferences and delivering impactful speeches.
v). Dedication towards Bancorp
Bancorp has Cecere’s back because of his excellent performance in the first year in this company. He received terrific rewards for pulling in productivity and bringing lots of prosperity through his skills.
He has shown a consistent performance at the organization, making every executive fond of him. When Mr. Davis stepped down from his position, many people were cheering for Andrew Cecere to become the next president. He was an obvious choice for the fantastic work he does at work.
vi). Achievements and Memberships
Marquis Who’s Who brilliantly praised Mr. Cecere for his exceptional contribution to the industry. He was one of the noteworthy bank executives in the listing and received a lot of attention.
Cecere also happens to be the board member of Greater Twin Cities United Way and Capital City Partnership. He is very proactive in assisting several other institutions that want to thrive in finance and banking.
Frequently Asked Questions about Andrew Cecere
1. Is Andrew Cecere a native of the United States?
Cecere’s origin is from Italy, and his parents immigrated to the United States to live a better life. They settled in the country because their family business was working well in the US.
2. What makes him take part in community services at his institutions?
Andrew Cecere is someone who actively gives back to people who helped him. He received a lot of support from his educational institutes and learned skills related to executive leadership.
Hence, he is actively helping students learn from his experience. It is just his way of thanking the Institute for helping him progress in his career.
3. Is Andrew Cecere accessible to other people in the industry?
Mr. Cecere is a pro at time management because he devotes equal and focused time to his family, associates, and core work. One can reach out to him, and he will make time for a brief meeting if his schedule allows him to.
Andrew Cecere’s life is a perfect example of how great focus and determination help you thrive in whatever path you choose. His consistency is worth-appreciating, and his dedication to work is not unknown.
Cecere did not have any exceptional resources, but he made something exceptional out of whatever was available. This indicates that true leaders are born when they are curious, accountable, and have a never-say-never attitude towards their passion.