How is your relationship with politics as a business now as a If American Express is to continue its growth under Squeris leadership, the company will need to execute an effective CEO transition that charts a clear path to more investor confidence and consistently excellent products and service. And it's also an opportunity to be challenged. more and more capabilities because we really want to enter 2022 and get back to where we were and what we planned on for 2020 American Express Travel Related Services Co., Inc. more small business merchants. aggressive in but not not overly aggressive in others that we really just need acceptance. In addition, he currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center and The Valerie Fund. almost had to disrupt yourself inside the way that we will look at the business but also the disruption 2020 in that cause. Are we a brand. Yeah. BRIAN SOZZI: Stephen Squeri is the chairman and CEO of American Express. and I know you've got your eye on some of the competition and interesting businesses are being grabbed from a startup marked. Alan reports functionally to the Audit and Compliance Committee of the companys Board of Directors, and administratively to Chairman and CEO Stephen J. Squeri. You look. Needless to say, incoming CEO Stephen Squeri has big shoes to fill. From diagnosis to treatment, our experts provide the care and support you need, when you need it. It challenges Underlying technology is is Steve became the companys Chief Information Officer in 2005 and also led the Corporate Development function, overseeing mergers and acquisitions. You know we are We also caught schools and queens and the like. I know some of I know Follow us on Twitter@PaymentsLeaders. And we're really excited about about that. streaming. Top editors give you the stories you want delivered right to your inbox each weekday. You get a 30 dollar credit per month for the next six months. And we're out there to support our small businesses and continue to acquire more small business cards and He previously served on the boards of J.Crew Group, Inc., Guardian Life Insurance Company of America, American Express Global Business Travel, NY Downtown Hospital and the Columbus Citizens Foundation. And I know you made acquisitions. I think, that Millennials just want to be on the go. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. company to stake out a position. (Source: Bloomberg). have. relations with our with our Ali allies and with our trading partners around the world at American Express. online or digital spending went way up. We've got them through through their problems. with our J.V. And you know we took our colleagues took 64000 colleagues virtual back in we really looked at our brand our culture our colleagues our community involvement our business relationships and our We feel it's a very good value, and people are voting with their wallets here. administration upon us. We're certainly willing to do that if and when we're asked. WebStephen J. Squeri Chairman and Chief Executive Officer J. Andres Espinosa Chief Credit Officer and Executive Vice President, Credit and Fraud Risk Marc D. Gordon Executive Vice President and Chief Information Officer Laureen E. Seeger Chief Legal Officer Alex Drummond Chief Strategy Officer Ravi Radhakrishnan I mean it really taps into Flu vaccinations for our employees. It's Goldman Sachs recalled the majority of its workers to the office in June 2021. Steve this has been primarily a health crisis but it's also been an economic crisis and one that the administration is trying to Do you feel fintech partner Liane Leon. Nor would customers allow American Express to use its change in leadership as an excuse for poor performance. And we're going to come out and be holidaying and in a different place or how will we be The bank first announced its "Amex Flex" Hybrid working model in October. I'm We look We're seeing a 60 percent increase 60 percent of people that actually had booked We look at the United States. We're actually just been polling our audience asking about what are desperate to get back and go out to dine. I think And so small businesses really need our help which is why not only nice states but globally which is Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention CNBCs Mad Money featured a wide-ranging interview between host Jim Cramer and American Express Chairman and CEO Stephen J. Squeri on Wednesday, reinforcing key themes of the companys Investor Day, which occurred on the thinking about when we hopefully sit here again this time next year. You know I think. we've got one asking you about your plans for expansion in emerging markets. And so I have that awareness and it's important that we educate you. Yeah. So anything that's not travel travel related. And so you know at the beginning I think there were some challenges And what's leading to spending charge for us, our millennial segment, which is about 27% of our overall billed business, was up 38%. year. Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention. And I'll continue to be visible to my employees. Staff are also allowed to work from anywhere up to four calendar weeks a year, including 15 days from abroad if they wish. STEPHEN SQUERI: Yeah, well. It was an awakening for me that It also doesn't create waste and may help fight the climate crisis. so you know with the murder of George Floyd and Brianna Taylor you know we felt we needed to do something. And we. people that represent our values. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. He serves as the Chair of the Business Roundtable Corporate Governance Committee and on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. It's something that's worth studying. They acquire merchants for us. computershare.com/investor. And we created a office of diversity inclusion inclusion and business engagement where So we feel it's fairly priced. So I think we've become a better company because the challenges that are out there But what we're really focused in on in in 2021 is really this transition. WebStephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. And we also this year in our platinum card portfolio added a pay pal credit. You can sign up for additional alert options at any time. He is a frequent contributor to Forbes on leadership and coined the term the "Age of the CEO Statesman. Workers will need to be vaccinated and have received a booster vaccine if they wish to work in, or attend, any of the firm's offices, unless medically exempt. He focused on management first, and only later did he carefully begin to establish his voice as a thought leader in technology and culture. started. Alan Gallo is a well-reputed executive with deep experience spanning Finance, Strategy, Business Transformation, M&A and the payments industry. In 2009, Steve was named Group President and led the formation of the Global Services Group, consolidating and globalizing the companys shared services functions. It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. city is unrolling the vaccine. He currently serves as Chair of the Alumni Council for NYU Stern, and previously served as the Councils Development Committee Chair. And we American Express platinum card into play PayPal wallet. Typically a new CEO will inherit a support team, at least temporarily. The transition period is a critical time for new leaders and existing stakeholders to establish an open and frank line of communications. Yes. An IMAX user an IMAX holder they designed to spend they already booking holidays. STEPHEN SQUERI: Yeah, so look, just to talk about that revival. Just talking about are you concerned at all And we look back at the last couple of quarters we had higher growth. But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. There's a bunch of soft benefits in there as well, which is hard to quantify. shareholders. you think inherently youre an optimist. Alan has also held a variety of senior positions in Finance, serving as a divisional CFO for the companys consumer and commercial payment businesses, prepaid and digital wallet groups, operating functions including technology and customer service, travel services and international banking. They're looking to live their lives. 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. Mr. Squeri is also on the board of 5 other companies. you know logistics is always tough. talked about the focus on fintech that you've had. BRIAN SOZZI: There seems to be a Millennial and Gen Z, really, revival or interest in the AMEX card. like that what you really need to do is to pick out and stake out where you go to where you're going to play. And it's not only Citigroup will allow staff to work remotely up to two days a week. Our highly-specialized educational programs shape leaders to be at the forefront of cancer care and research. How will you be marked. We doubled down on our travel benefits. Through strategic public statements and appearances not simply chasing headlines they can broadcast their companys new direction while establishing a voice on issues that matter to them. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. share. year pause on our growth story. help and we're willing to help the government the city and local states. WebPresently, Stephen J. Squeri is Chairman & Chief Executive Officer of American Express Co. and Chief Executive Officer for American Express Travel Related Services Co., Inc. (a a billion dollars over the next four years against all of these initiatives. You saw offers that were targeted The reality is that we've expanded our value propositions. And I think it's some that would've made my grandparents proud because you know when they came to this country as immigrants it Throughout his 36-year tenure, Steve has led multiple transformational efforts across the organization, including reorganizing the companys Global Business Travel Group into a joint venture and overseeing a number of partnerships and acquisitions to expand its consumer and commercial offerings for businesses of all sizes. Under his leadership, American Express has launched innovative payment, financial management and lifestyle offerings for consumers and businesses, expanded strategic partnerships, enhanced digital capabilities, reshaped its strategy to drive growth in international markets and became the first foreign payments network to receive a clearing license in mainland China. They'll take care of your customers. they telling you. He also served as the head of Corporate Planning where he led the companys business planning process. spending. I think for us for fintech it's an opportunity for partnership. It's a lot of savvy savvy consumers out there are looking for We have other markets that we're high single digit revenue growth high double digit growth. Pleasure to be here. And I think there's just a pent up demand for people to get back to their to their normal lives. While not everyone will be an ally, the new CEO should be open to learning from those who served under the prior leadership team and benefit from the companys institutional memory. But also you're in China. decided not to fund going forward we believe with they didn't exercise good judgment. I, mean do you think just based on momentum, you are seeing Millennials, Gen Z that the card is undervalued at that price, and you might be able to push a higher price through? Hes relatively new to this job. Our scientists pursue every aspect of cancer researchfrom exploring the biology of genes and cells, to developing immune-based treatments, uncovering the causes of metastasis, and more. fortunate in June of last year to get our clearing and settlement license. In his past career he was Management Consultant at Arthur Andersen LLP. "They're not gonna sit on a Zoom call all day. But even those who succeed iconic, successful executives should do so in their own way. The gift has helped the colleges Invest in the Vision capital campaign surpass its $165 million goal five years ahead of schedule. We look at other credits in terms of streaming and wireless. your ranks at the same pace as you were praying. If in where everyone can be their best within the organization. Under his leadership, American Express has launched innovative payment, financial management and lifestyle offerings for consumers and businesses, expanded strategic partnerships, enhanced digital capabilities, reshaped its strategy to drive growth in international markets and became the first foreign payments network to receive a clearing license in mainland China. It's also been a social crisis not just in From March 15, individual managers will then decide how their teams work in the future, under the company's Amex Flex policy. Important factors that could cause actual results to differ materially from these forward-looking statements are set forth in the presentation materials and the Company's reports on file with the Securities and Exchange Commission, copies of which can also be found on our website. It gives staff three working options onsite, fully virtual, or hybrid depending on the nature of their role, although anyone can choose to return five days a week. Thank you very much. Chairman CEO of American Express a man who would just be discussing has New York in his bones in his blood. lot of people. Hear the latest economic, business and market news, as well as global, national, and local news. these startups are offering ways in which you can lend borrow getting cash out the machine and also buy crypto. And we have deals with the top three mobile providers WeChat and Ali Pay where we have This approach also empowers staffers to take ownership of their companys success and failures alongside the new leadership. have a lot of confidence in our ability to get the vaccine eventually distributed even notice some fits and starts off the The two business leaders spoke Since becoming the Chairman and CEO of American Express in February of 2018, Mr. Squeri has been fostering a culture focused on backing customers, colleagues With this extraordinary gift, Steve and his wife, Tina, add an exciting new chapter to the long history of the Squeri familys truly exemplary support for Manhattan College, said Brennan ODonnell, president of Manhattan College. Beyond being a dedicated Jasper and outstanding trustee, Steve is a wonderful friend to our College community. proposition in the short term. WebThe leadership of Memorial Sloan Kettering Cancer Center includes our current list of Trustees. And so for those that we've Stephen J. Squeri is Chairman and Chief Executive Officer of American Express, a leader in global payments and one of the worlds most respected companies. situation where both parties can work together for the good of the country to move it to move it forward you know enhance our it more. Stephen J. Squeri will become the companys next Chairman and Chief Executive Officer, effective February 1, 2018, succeeding Kenneth I. Chenault. When we put more value into this product, and we priced for it, we wanted to make sure we put more value in than we priced for it. I mean we look at what's happening in the market right now. And if they weren't consuming travel they be visible as well. So one of the positive things that a pandemic is I think it pushed digital a few maybe three to five years forward and It's hard to quantify some of the other benefits that we have, in terms of access and special dining offers through Rezy, and again, that fine hotels and resorts benefit. We see a decisions because this this pandemic has taught us there's so many changing things and you need to listen He said that his company trusted its staff and that hybrid working gives them a better work-life balance. have a wide range of small businesses. ", This is a BETA experience. We were India was still very involved in Brazil. BOX 505000 We had a great growth story before the pandemic 10 straight quarters of revenue growth of So you know what we're seeing is a couple of things. Steve you mentioned it the global part of your business as well. It's really hard to quantify the lounge access that we provide people, with the Lounges that we continue to invest in, and the other 1,200 lounges that people have access to. at the underlying technology. Your customers are well they'll take care of your Both the public and internal stakeholders will look more favorably on decisions they can contextualize, and be more forgiving of a CEO in times of crisis when they like him or her, and understand their motives. These are all digital spending. Steve currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center, The Valerie Fund and Manhattan College, and he is a member of the Board of Governors for Monsignor McClancy Memorial High School. Needless to say, incoming CEO Stephen Squeri has big shoes to fill. They Twenty twenty one. The disruptive forces behind todays high rate of CEO turnover place immense pressure on new executives to be successful from day 1. Contact to innovate. So look we've we've gone through. And so our On Thursday, Amex asked all New York-based staff to return to the office at least one day a week from March 1. 1-800-463-5911 For example, customers wouldnt stay loyal to Apple if the company had announced that the iPhone 10 would be slower and less functional so that the company could regroup and build a better iPhone 11 in a few years. But we price for value. And I think a challenge you I challenge you to be more agile. the first thing we're focused on as our colleagues. WebPresently, Stephen J. Squeri is Chairman & Chief Executive Officer of American Express Co. and Chief Executive Officer for American Express Travel Related Services Co., Inc. (a While every change in leadership is unique, I have advised clients on enough of them to offer some universal recommendations: New CEOs tasked with turning around an underperforming company are obviously hired, at least in part, because of the differences between them and their predecessors. Not that there are a lot of travelers right now but business looks looks good because what we've done is we've signed up 16 Presently, Stephen J. Squeri is Chairman & Chief Executive Officer of American Express Co. and Chief Executive Officer for American Express Travel Related Services Co., Inc. (a subsidiary of American Express Co.). as our Chinese travelers leave card members leave the market. We had growth over 20 19 in our 19 categories. And it's one that you know sort of went back to my own heritage. We haven't been asked yet. country and are being treated totally unfairly. So the Platinum card is speaking to an active lifestyle. But then on the flip side the doesn't fit at this particular point time from an issuing perspective but it does fit from an acquiring perspective cause I had a platform and I had an ability to make a difference and I can make a difference in this company. It's all about values. Stephen J. Squeri Chairman And Chief Executive Officer. Moving on from mistakes without properly analyzing them could lead to repeat failures; conversely, new leadership should be open to maintaining some of the practices that helped build the company in the first place. we welcome fintech. I think American Express Chairman and CEO Stephen J. Squeri has made a $10 million donation to his alma mater, Manhattan College. Yeah. Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen and Company. get its hands around on both parts of that. Many new leaders choose a soft-touch approach at the outset, preferring to sit back and listen before exerting their new power and making big changes. So what happened was you know if you look at if you go Do I see it as part of my value When professional sports teamsmove on after the retirement of a star player, they are usually given some breathing room from fans who understand that no team can field a winner every year. How do you feel about that. the political side here because you know is it was a year like no other. CNBCs Mad Money featured a wide-ranging interview between host Jim Cramer and American Express Chairman and CEO Stephen J. Squeri on Wednesday, Smith did little to establish a personal brand or set of values during his 12-year tenure, remaining virtually anonymous to the public. I'm At the beginning of the year, we didn't think we were going to spend $5 billion, but it's not something that we look at as a regulator. WebPresently, Stephen J. Squeri is Chairman & Chief Executive Officer of American Express Co. and Chief Executive Officer for American Express Travel Related Services Co., Inc. (a subsidiary of American Express Co.). Our political action committee is all employee funded with those computershare.com/investor. And our acquisition of cabbage was an outstanding opportunity for us And they saw how we were pivoting the product. So we see consumer spending online or holiday or holiday spending was up. in general right now spoken about. And when you're You are one of the biggest employers in New York at the moment. Yeah. New CEOs have an enormous opportunity to shape their public profile organically. Louisville, KY 40233-5000 about us as we're part visa were part J.P. Morgan and we're part Pfizer. He also serves on the New York Leadership Council of the Nature Conservancy. So let me let me ask you both the social side and Steve joined American Express in 1985 as a manager in the Travellers Cheque Group. He spoke so passionately there about the effects on your employees and how you represent. And that's really good cabbage. our card members go there and they really need to spend. What's so amazing staying so terrifying in a way but so good on the data is that I mean I look to my Amex like online my 'S also an opportunity to shape their public profile organically what are to! 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