U.S. Bancorp's CEO has vaulted his company to the front of its industry while remaining a vital member of the greater Twin Cities community, and that's why he is our Person of the Year.
It’s been a record year for U.S. Bank. In January, the company reported a net profit of $5.9 billion on revenue of $20.3 billion. The company’s revenue is up 49 percent since Davis took the helm a decade ago. In early 2010, after the recession, U.S. Bank moved from sixth place to fifth place on the largest commercial banks list.
Davis has a personable, average-guy demeanor. He looks more like he could be your accountant. Your dentist. Your insurance agent. But sometimes on the weekends, you might see Davis zipping around town behind the wheel of a vintage sports coupe.
“I started to collect muscle cars,” Davis says. He owns a 1966 Chevrolet Chevelle, a 1974 Chevelle and a 1974 Oldsmobile 4-4-2. “No one in this building has ever seen any of the cars,” says Davis, in reference to the company’s tower in downtown Minneapolis.
“He does not put on airs. He’s just a regular guy,” says Lester Bagley, executive vice president of public affairs and stadium development for the Minnesota Vikings, who has seen firsthand how Davis connects with people. It’s because of “the way he treats people at all levels, and it doesn’t matter if you’re a parking lot attendant or another CEO.”
In July, the $1.1 billion U.S. Bank Stadium opened in downtown Minneapolis. Davis played a key role in that, too. Any mention of the facility, which will host the Super Bowl in 2018, is a de facto plug for the bank.
“Richard was one of the key leaders and one of the team leaders on the business side that helped deliver the stadium,” says Bagley.