By Josh Beckerman 

American Express Co. said President Edward Gilligan died after becoming seriously ill on a flight home to New York on Friday morning.

Mr. Gilligan, who was 55 years old, was widely considered the heir apparent to Chief Executive Kenneth Chenault.

Mr. Gilligan was named the company's president two years ago and had joined American Express in 1980. He had served as vice chairman beginning in 2007.

"His contributions have left an indelible imprint on practically every area of our business, from commercial card and travel to international, consumer, small business, merchant services, network services and, most recently, the group forging our digital partnerships and driving payment innovations," Mr. Chenault said in a letter to the staff.

He is survived by his wife, Lisa, and children Katie, Meaghan, Kevin and Shane.

Write to Josh Beckerman at josh.beckerman@wsj.com

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