American Express’ CEO Kenneth Chenault will step down on February 1st, 2018 according to the Wall Street Journal. Chenault will be replaced by Stephen Squeri who has been vice chairman since 2015. Squeri’s previous positions at American Express have been as follows:
- July 2015-current: Vice chairman and led the Business-to-Business group
- November 2011 to July 2015:Â President of Global Corporate Services at American Express
- October 2009 – November 2011:Â Group President of Global Services
- October 2009 – November 2011Â Chief Information Officer and
- May 2005 to October 2009:Â Executive Vice President
Chenault stepping down shouldn’t come as a surprise due to American Express falling share price since the loss of the Costco portfolio. It will be interesting to see what direction Squeri takes American Express in after he takes over the top job.
I guess being a CEO of AE is also once per life time
Insider info from working for amex – the entire plenti tech team has been shutdown to reduce costs. So no new features or fixes anymore. With partners leaving this wont last more than couple of years
Imagine he removes the once per lifetime rule..!
🙂
or get rid of the RATs………….
I’d say the AXP share price has recovered quite well since Costco. Doubt much will change with the new CEO.
The entire stock market has shot up since then. You have to compare Amex against its competitors to make that assumption.
“Chenault stepping down shouldn’t come as a surprise due to American Express falling share price since the loss of the Costco portfolio.”
Amex share price fell 12.1% on Jan. 22, 2016, to $55.06. Amex has since gained 67.2% to $92.08. Chase was at $56.95 and climbed 72.1% to $97.99 during the same period. Given Chase’s breadth of non-credit card offerings, it seems like Amex is doing pretty well. At least well enough to send some 150k mailers —
come on!
i.e., AXP has underperformed Chase by close to 25% w.r.t. return over the last 20 months
AXP =47% increase, Chase =72%. I would be pissed as AMEX shareholder
He’ll have been CEO for about 16-17 years… the same as the past 5 CEOs.
also looks like Plenti is being ended fyi
Where do you get that info?
Source? Are you sure you’re not just thinking about the AT&T deal ending?
listen to the quarterly earnings conf call today. they took a $150M chargeoff to restructure plenti.
also fyi plenti was generating $100M revenue per quarter.
they were already managing expectations that it was ending 10 days ago w/ stories about its future in question.
Thanks, will look into it.
They took the charge off due to some of the founding partners leaving the program
FINALLY!!!
good riddance. its about time…
MAKE AMERICAN EXPRESS GREAT AGAIN!