Richard K. Davis

Richard K. Davis
Born	Template:Birth year and age Southern California, U.S.
Occupation(s)	Banking executive, CEO
Years active	1976–present
Known for	CEO of Make-A-Wish America; former CEO, President, and Chairman of U.S. Bancorp

Richard K. Davis (born 1958) is a prominent American executive. Since January 2, 2019, he has held the position of chief executive officer at Make-A-Wish America, following his previous leadership roles as Executive Chairman and President at U.S. Bancorp.

Biography

Originally from Southern California, Davis embarked on his banking career at the age of 18 while pursuing higher education. He obtained a bachelor's degree in Economics from California State University, Fullerton in 1983 and completed specialized Banking School Programs at both the University of Washington and Cornell University.

Davis climbed the corporate ladder through various leadership positions at Bank of America and Security Pacific. In 1993, he joined Star Banc Corporation as Executive Vice President responsible for Consumer Banking. He was instrumental in orchestrating the mergers of Star Banc with Firstar Corporation in 1998, Firstar’s acquisition of Mercantile Corporation in 1999, and the merger between Firstar and U.S. Bancorp in 2001. His tenure at U.S. Bancorp included roles as Chief Operating Officer (2004–2006), President (2004–2016), Chief Executive Officer (2006–2017), and Chairman of the Board (2007–2018).

Based in Minneapolis, U.S. Bancorp is a financial services holding company that managed assets exceeding $422 billion as of 2015. The organization employed approximately 67,000 individuals across the United States, Canada, and Europe. It serves over 18.5 million clients via U.S. Bank’s network of 3,164 branches and 5,020 ATMs spanning 25 states, and includes Elavon, a merchant processing entity. Davis led U.S. Bancorp's management committee, supervising its senior executive team.

Leadership positions

In 2015, Davis held board memberships with several organizations including 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—where he formerly served as chairman. Additionally, he functions as lead director for Xcel Energy Inc. and Executive Chairman at U.S. Bancorp.

Honors

Davis has earned accolades from the Banking and Finance Division of the UJA-Federation of New York and was awarded the President's Lifetime Volunteer Service Award. In 2010, American Banker honored him as Banker of the Year while the Twin Cities Business Journal recognized him as "2010 Executive of the Year." He received the Hendrickson Award for Ethical Leadership in 2011 and contributed to launching Step Up—a Twin Cities initiative offering professional summer employment to more than 18,000 teenagers.

Under Davis' guidance, U.S. Bank was honored with the 2011 Spirit of America Award by United Way, received the 2013 Freedom Award from the U.S. Department of Defense for its support of National Guard and Reserve personnel, and was listed among the World's Most Ethical Companies by the Ethisphere Institute in 2015.

Involvement in Minnesota Orchestra lockout

During his time on the Board of the Minnesota Orchestra, Davis was involved in controversy surrounding the 2012-2013 lockout of musicians. In October 2012, he told the Star Tribune that musicians risked leaving for other engagements—a decision he described as personal regarding their preferred place to perform. The management of this lockout generated considerable discussion within both the Twin Cities area and broader musical circles. In April 2013, music director Osmo Vänskä publicly addressed the Board with an open letter threatening to resign by September if a resolution was not reached.

On financial matters, Davis highlighted that the orchestra balanced its budget during the 2010 season through careful management and cost reductions. However, by 2012 he acknowledged that balanced budgets had depended on "large, unsustainable endowment fund draws and 'bridge-the-gap' fundraising." A state audit later revealed that CEO Michael Henson failed to disclose escalating financial concerns shared by some board members when requesting $14 million in state funding to renovate Orchestra Hall.