American Express CEO to step down after 37 years with the company

By Pouyan Broukhim

American Express has announced that Stephen Squeri has been appointed as the company’s next Chief Executive Officer by the Board of Directors, with Kenneth Chenault having revealed that he will be retiring early next year.

“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 Squeri.  

See also:

At the age of 66, Chenault is stepping down after 37 years with the company, having served as CEO for 17 of those since 2001.

“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,” Chenault revealed.

Chenault led American Express through some difficult periods. The company’s headquarters are located next to the site of the World Trade Centre, with both the building and company as a whole having been heavily impacted by the terrorist attacks.

Additionally, Chenault led the firm through the 2008 recession, with the market crash having had a significant impact upon American Express.

“Clear vision, sound judgment and the courage to make tough decisions are what define a leader.” Said Robert Walter, Lead Director of American Express’ Board.

“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.”

Squeri will replace Chenault as CEO commencing 1 February 2018.

Share

Featured Articles

Microsoft, McDonald’s latest firms to run civil rights audit

Microsoft and McDonald’s join Amazon, Citi, JPMorgan and others in conducting civil rights audits, as investor pressure to achieve racial equity mounts

Deep dive: Investment in carbon capture rises as CO2 spikes

Investment in carbon removal solutions and startups is heating up as fast as the planet, with Temasek and CEMEX Ventures the latest VCs to launch funds

Dialight envisions a safe industrial world with LED lights

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, cyber, 5G, cloud speakers at TECH LIVE LONDON

Technology & AI

Eight big announcements made at Davos 2022, from ESG to tech

Sustainability

Hear Vodafone Business cyber chief Kawalec at Cyber LIVE

Leadership & Strategy