COF Capital One Financial Corporation

American Express Co.'s Chief Executive Kenneth Chenault received compensation in 2015 valued at $22 million, a 3.5% drop from 2014.

Based on guidelines from the Securities and Exchange Commission, Mr. Chenault added some $18.9 million in stock and other option awards to a base salary of $2 million in 2015, plus about $1 million in other forms of compensation, according to a regulatory filing Monday.

American Express noted, though, that its figures valued Mr. Chenault's total direct compensation at about $18.5 million, 16% less than his target compensation.

The difference between the numbers from the SEC and the company is linked to how some performance-based awards are tallied. SEC rules counted performance-based bonuses in the calendar year that they are awarded. As a result, the company said, equity grants in respect of Mr. Chenault's 2015 performance—which were granted in January 2016—will be included in next year's proxy statement; meanwhile, the 2015 total of $22 million in this year's proxy reflects equity awards granted in 2015 for Mr. Chenault's 2014 performance.

American Express's total direct compensation, in comparison, matches the bonus with the year.

Earlier this month, American Express outlined plans to boost sagging results with a focus on getting more out of its existing cardholders rather than attracting newcomers.

In a meeting with investors and analysts, Mr. Chenault and other top executives said the company's focus was on getting more merchants around the world to accept AmEx cards, while encouraging current customers to spend more on their AmEx plastic rather than competitors' cards.

AmEx has been facing enormous competition from rival credit cards issued by companies such as J.P. Morgan Chase & Co. and Capital One Financial Corp., which are targeting AmEx's traditional base of affluent consumers.

The company also faces challenges on other fronts, including the end of a 16-year partnership with Costco Wholesale Corp. in June, new fee limits in Europe and an uncertain economic environment. The company has repeatedly fallen short of its revenue growth targets, and its stock price is down 25% from year-ago levels.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

March 21, 2016 20:35 ET (00:35 GMT)

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