American Express Company (NYSE:AXP) said today that its Board of
Directors has appointed Stephen J. Squeri Chief Executive Officer
and elected him Chairman of the Board, each effective February 1,
2018. Mr. Squeri, 58, will succeed Kenneth I. Chenault, 66, who
will retire after a distinguished 37-year career with the
Company.
Mr. Squeri has been Vice Chairman since 2015 and prior to that
was Group President of the Company’s Global Corporate Services
Group.
Mr. Chenault has served as Chairman and Chief Executive Officer
since 2001.
“We are completing a two-year turnaround ahead of plan with
strong revenue and earnings growth across all of our business
segments,” said Mr. Chenault. “We’ve added new products and
benefits, acquired record numbers of new customers, expanded our
merchant network and lowered operating costs. We’ve dealt
effectively with competitive challenges and redesigned our
marketing, customer service and risk management capabilities for
the digital age.”
“We’re starting a new chapter from a position of strength and
this is the right time to make the leadership transition to someone
who’s played a central role in all that we’ve accomplished,” Mr.
Chenault continued. “Steve knows the industry. He knows the
business and the brand. He knows the marketplace and how important
the relationships we build with customers are to our success. He’s
an excellent strategist and a strong leader.”
Robert D. Walter, Lead Director of American Express’ Board of
Directors said, “Clear vision, sound judgment and the courage to
make tough decisions are what define a leader. For 16 years we’ve
had a great one in Ken Chenault. He’s met every challenge head on.
He’s rallied the organization at times of crisis and he’s delivered
for shareholders by making a great company even better.”
“Ken has also groomed an outstanding successor,” Mr. Walter
continued. “Steve built commercial payments into one of our fastest
growing businesses. He strengthened a world-class customer service
network and transformed our technologies infrastructure. He’s led a
reengineering program that lowered operating expenses and
reallocated funding to the initiatives that are now driving growth
across the business.”
“We’ve had a very thorough succession process underway for
five-plus years that involved every member of the board and we are
unanimous in our decision that Steve’s the best person to build on
the progress under way at American Express,” added Mr. Walter.
Warren Buffett, chairman and chief executive officer of
Berkshire Hathaway Inc. said, “Ken’s been the gold standard for
corporate leadership and the benchmark that I measure others
against. He led the company through 9/11, the financial crisis and
the challenges of the last couple of years. American Express always
came out stronger. Ken never went for easy, short-term answers,
never let day-to-day challenges distract him from what was right
for the moderate to long term. No one does a better job when it
really counts and he’s always done it with the highest degree of
integrity.”
“American Express is a very special company, one in which I
first invested 53 years ago,” Mr. Buffett added. “Ken built on its
storied history – not by abandoning traditional strengths, but by
building on them and adding new ones. He’s been a great CEO and
Berkshire Hathaway shareholders owe him a huge thank you.”
“I’ve spoken with Steve and have been hearing about him from
Ken,” continued Mr. Buffett. “From everything I’ve heard, he’s
absolutely the right person for the job. He knows the business, has
a great track record and appreciates what makes American Express
special. Ken and the board have picked someone who is going to
build on a great legacy of service and success.”
Berkshire Hathaway is American Express’ largest shareholder.
“It’s a privilege to lead one of the world’s most admired
companies and I appreciate the expressions of confidence from the
Board and our largest shareholder,” said Mr. Squeri. “Ken has been
a terrific mentor. He leads by example and taught me, along with
the rest of the organization, the importance of the personal
connection millions of people around the world have with American
Express."
“I feel very good about what we’ve accomplished and, while it’s
a fast-moving competitive marketplace, I believe we’re in a strong
position for the years ahead,” Mr. Squeri continued. “American
Express is a unique brand and a franchise that’s unmatched by any
one competitor. We have an impressive range of growth opportunities
ahead of us. I’m going to be focused on innovating, building the
brand around the strength of our customer service and partnering
with merchants and businesses to take full advantage of the digital
convergence that’s underway in the world of payments and
commerce.”
# # #
Mr. Chenault and Mr. Squeri will join a portion of the Company’s
previously scheduled third-quarter 2017 earnings conference call at
5:00 p.m. (ET) today to discuss the Company’s leadership
transition. The live audio webcast will be accessible to the
general public through the American Express Investor Relations
website at http://ir.americanexpress.com. A replay of the
conference call will be available later today at the same website
address.
About American Express
American Express is a global services company, providing
customers with access to products, insights and experiences that
enrich lives and build business success. Learn more at
americanexpress.com, and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit cards, Plenti
rewards program, travel services, gift cards, prepaid cards,
merchant services, Accertify, corporate card, business travel, and
corporate responsibility.
# # #
American Express Company
And
Subsidiaries
ExecutiveProfile
KENNETH I. CHENAULT
CHAIRMAN AND CHIEF EXECUTIVE
OFFICER
AMERICAN EXPRESS COMPANY
Kenneth I. Chenault is Chairman and Chief
Executive Officer of American Express Company.
Mr. Chenault joined the company in
September 1981 as Director of Strategic Planning. He was named
President of the Consumer Card Group in 1989, and in 1993 he became
President of Travel Related Services (TRS), which encompassed all
of American Express’ card and travel businesses in the United
States. In 1995, he assumed additional responsibility for the
company’s worldwide card and travel businesses and also was named
Vice Chairman of American Express. Mr. Chenault became President
and Chief Operating Officer in February 1997. He assumed his
current responsibilities as CEO on January 1, 2001, and as Chairman
on April 23 of that year.
Under his leadership, American
Express:
- Built one of the world’s largest
customer loyalty programs – Membership Rewards.
- Evolved from a travel &
entertainment oriented business to one that accommodates the
everyday spending of nearly 100 million Card Members.
- Expanded its global reach through a
network of bank partners who issue cards on the American Express
network.
- Transformed its marketing, service and
risk management capabilities for the digital age.
- Formed ground-breaking partnerships
with leading technology companies.
- Introduced innovative products and
earned global recognition as a leader in customer service.
- Has been ranked as a leading employer
in markets around the world.
- Is recognized as one of Fortune’s
World’s Most Admired Companies and a leader in corporate social
responsibility.
Before he came to American Express, Mr.
Chenault was a management consultant with Bain & Co. from 1979
to 1981, and an attorney with Rogers & Wells from 1977 to
1979.
Mr. Chenault serves on the boards of
American Express and several other corporate and nonprofit
organizations, including IBM, The Procter & Gamble Company, the
Harvard Corporation, the Arthur Ashe Institute for Urban Health,
the National Center on Addiction & Substance Abuse at Columbia
University, the Smithsonian Institution’s Advisory Council for the
National Museum of African American History & Culture, National
September 11 Memorial & Museum at the World Trade Center, and
the Bloomberg Family Foundation. He also is a member of the
Business Council and serves on the Executive Committee of the
Business Roundtable as well as the Partnership for New York.
Mr. Chenault is recognized as one of the
business world’s experts on brands and brand management and has
been honored by multiple publications including Fortune Magazine,
which named him as one of the World’s 50 Greatest Leaders in its
inaugural list.
A wide variety of civic, social service
and community organizations have recognized Mr. Chenault for his
public service leadership. He has received the Phoenix House Public
Service Award, the Corporate Responsibility Award from the
International Rescue Committee, the Wall Street Rising Leadership
Award, and the Hadrian Award from the World Monuments Fund, among
others. In addition, he is a Fellow of the American Academy of Arts
and Sciences.
Mr. Chenault holds a JD from Harvard Law
School and a BA in history from Bowdoin College, and has received
honorary degrees from several universities.
# # #
American Express Company
And
Subsidiaries
ExecutiveProfile
STEPHEN J. SQUERI
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
(DESIGNATE)
AMERICAN EXPRESS COMPANY
Stephen J. Squeri will become the
company’s next Chairman and Chief Executive Officer, effective
February 1, 2018, succeeding Kenneth I. Chenault. In his current
role as Vice Chairman, Steve leads the company’s Global Commercial
Services group, as well as its shared services groups, which
include technology, customer servicing, credit administration and
business services functions.
Steve joined American Express in 1985 as a
manager in the Travellers Cheque Group. From 2000 to 2002, he
served as President of the Establishment Services group in the U.S.
and Canada, and he was President of the Corporate Card group from
2002 to 2005, during which time he globalized the business. Steve
became the company’s Chief Information Officer in 2005 and also led
the Corporate Development function, overseeing mergers and
acquisitions. In 2009, Steve was named Group President and led the
formation of the Global Services Group, consolidating and
globalizing the company’s shared services functions. He was named
Vice Chairman in 2015.
Over the course of his career at American
Express, Steve:
- Brought together separate divisions
supporting small businesses, middle market firms and large
companies to form the Commercial Services Group, which today
represents 40 percent of overall Card Member spending.
- Led companywide reengineering efforts
that lowered operating expenses and reallocated investment
resources to many of the initiatives that are now driving the
company’s growth.
- Reorganized the company’s Global
Business Travel group into a joint venture, with access to
additional investment resources to grow the business and support
our commercial customers.
- Oversaw the transformation of the
Technology group into an agile resource that is driving product and
service innovations across the business.
- Combined stand-alone, regional
operations into the Global Servicing Network that provides
award-winning service to customers around the world.
- Led the company’s Y2K preparedness and
transition initiative.
- Helped transform the Merchant Services
group from a travel & entertainment network into one that
supports the everyday spending needs of our Card Members, and
pioneered early partnerships with third parties to sign new
merchants.
Before joining American Express, Steve
spent four years as a management consultant at Arthur Andersen and
Company. He holds a Bachelor of Science and an MBA from Manhattan
College.
In addition to serving on the American
Express Global Business Travel Board of Directors, Steve currently
sits on the boards of J.Crew Group, Inc. and Guardian Life
Insurance Company of America. He is also a member of the Board of
Trustees of the Valerie Fund and Manhattan College, and he is a
member of the Board of Governors for Monsignor McClancy Memorial
High School.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171018006509/en/
Media Contact:Marina H. Norville,
marina.h.norville@aexp.com, +1.212.640.2832orInvestors/Analysts
Contacts:Toby Willard, sherwood.s.willardjr@aexp.com,
+1.212.640.5574Shreya Patel, shreya.patel@aexp.com,
+1.212.640.5574
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