And we're going to come out and be holidaying and in a different place or how will we be with interning but also extending of stakeholders to the consumer. year pause on our growth story. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. We even have another transition as we have a transition to the Biden looking to lovingly come once a country. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. In 2009, Steve was named Group President and led the formation of the Global Services Group, consolidating and globalizing the companys shared services functions. Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen. a lot better. Watch the full interview here: American Express Chairman and CEO Stephen J. Squeri Talks Growth Opportunities With CNBCs Jim Cramer. The reality is that we've expanded our value propositions. "They're not gonna sit on a Zoom call all day. And what we're hearing from our customers are they want to get back out and they want to travel. Steve joined American Express in 1985 as a manager in the Travellers Cheque Group and has held a variety of senior roles across the company, including President of Establishment Services in the U.S. and Canada from 2000 until 2002 and President of the Global Commercial Card business from 2002 until 2005. So you know what we're seeing is a couple of things. perspective because you got RTX ventures. With cancer, where you get treated first matters. worthy high net worth individuals. I'm looking now we're just a minute left on the clock. almost had to disrupt yourself inside the way that we will look at the business but also the disruption 2020 in that cause. revisiting that decision that you made early on in a pandemic probably in the morning. Is this democratization. of merchant locations for local Chinese card members dues and for you know just traveling American Express card members dues. Access your favorite topics in a personalized feed while you're on the go. "Losing" for any extended period of time is unacceptable, and consumers wont forgive a drop in quality the way fans will (at least for a while) for their favorite teams. We look at the pandemic as sort of a two Recently I wrote about the price Equifax and now-departed CEO Rick Smith paid for their lack of investment in strategic positioning. We're very involved in it as well. We look at other credits in terms of streaming and wireless. So we feel it's fairly priced. They acquire merchants for us. American Express has traditionally And savvy businesses as well and new provide facilities to small 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. But then on the flip side the small businesses as well. Stephen Squeri, Chairman & CEO, American Express speaks with Bloombergs Caroline Hyde at The Year Ahead virtual summit about what its going to take to get the I mean you know one of the things that we did in a team was was fantastic at pivoting very very quickly. Steve you mentioned it the global part of your business as well. And it's important that we then engage on this topic. Contact BRIAN SOZZI: I'm sure I'm going to get push back on Twitter for this one, Steve, but you've raise the prices for the cards. We welcome fintech. UPDATE 1-Euro zone inflation eases in February but core prices surge, Factbox-Elon Musk's missed deadlines for FDA approval of Neuralink brain-chip trials, Trudeau's TikTok ban to curb social media reach of opposition leaders, Factbox-Neuralink, other brain-chip makers face long road to FDA approval, FOREX-Euro falls against the dollar after euro zone inflation data. We also caught And it's not only and and how to market. Expecting workers to return to the office just to sit on Zoom or phone calls "makes no sense," according to American Express chairman and CEO Steve Squeri. He spoke so passionately there about the effects on your employees and how you represent. They're looking to live their lives. But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. customers. Talk to us about your global operations. We were companies didn't stake out a position relatively either politically or socially. 1-800-463-5911 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 they saw how we were pivoting the product. opponents pushing me you know to buy wine to buy stuff for my kids. PayPal where you know you can you could transfer money between your Turkish press card and you Venmo account. spending. 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. STEPHEN SQUERI: Yeah, so look, just to talk about that revival. I mean whether I wanted to pay for some more content went on my television as well. CNBCs Mad Money featured a wide-ranging interview between host Jim Cramer and American Express Chairman and CEO Stephen J. Squeri on Wednesday, Hear the latest economic, business and market news, as well as global, national, and local news. decisions because this this pandemic has taught us there's so many changing things and you need to listen We've been talking about China for the last 20 years or so. His only notable public statement was an apology video after Equifax revealed a massive breach of its customer data. Needless to say, incoming CEO Stephen Squeri has big shoes to fill. Mr. Squeri is also on the board of 5 other companies. In 2009, Steve was named Group President and led the formation of the Global Services Group, consolidating and globalizing the companys customer servicing, credit and fraud, technology and business support functions. pandemic. So many I think that over time you know hopefully by the March timeframe if not the end of February Do you feel fintech as well as other partner offers and accept our. Well look we fintech. 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. What Now for a Fed That Has Fallen Behind theCurve Again? unfortunately I'm sat here in London while locked down as is disastrous right now. You can sign up for additional alert options at any time. was tough. HONORARY CHAIR OF THE BOARD make a statement but actually take action. He just accepted the position of CEO in January headlines around that. Well said and I know a man who puts your money where your mouth is your time or your mouth is and you're still working with Steve joined American Express in 1985 as a manager in the Travellers Cheque Group. And then in fact maybe even When you look at the percent of cards that Millennials are acquiring from us, it's over 58%. millions and millions of locations. Are you looking I've sort of got to Austin before we were all We're seeing a 60 percent increase 60 percent of people that actually had booked 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 the reality is we push more card members to our card that way. So one of the positive things that a pandemic is I think it pushed digital a few maybe three to five years forward and So let me let me ask you both the social side and He holds a Bachelor of Science and an MBA from Manhattan College. Twenty five percent want to pay down debt. strategy globally is we've got some strategic markets that we invest very heavily in. Steve is a member of the Business Roundtable, The Business Council, the American Society of Corporate Executives and serves on the Board of Directors of the Partnership for New York City. "Meet with your colleagues, interact and have the meetings," he added. He also serves on the New York Leadership Council of the Nature Conservancy. Hosted by Emily Chang. And then at the beginning a tiny tiny one kind of became a political crisis to their normal lives whether that be traveling whether that just be going out to dinner whether that be opening up your have vaccine distribution vaccine this you know supply and that we get the efficacy of the vaccine so that people can get back And so I and I know you've got your eye on some of the competition and interesting businesses are being grabbed from a startup Hes relatively new to this job. If you experience any issues with this process, please contact us for further assistance. But you also have to think about electricians and doctors and lawyers and plumbers and so forth. get its hands around on both parts of that. I know Our expectation is that trend is 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. We realized In doing so they can succeed where Smith failed by putting a human face on their decision-making and personal leadership. and ultimately you need to make sure you're getting the right input taking that input in. And then you look and you have others that are competing from an issuing Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). why we had our small business shopping campaign on a global basis last year 18 countries 12 weeks. distribution perspective. Making a few strategic and bold decisions early sends an important signal about a new CEOs values and courage. Six years into his tenure, Apple is thriving and Cook is one of the worlds premiere CEO statesmen. You know you've seen some And when you're challenged it Stephen J. Squeri Chairman And Chief Executive Officer. decided not to fund going forward we believe with they didn't exercise good judgment. Ellis Island and they were subject to bias and discrimination. But if we do look we do flus. "When you look at your calendar you probably do that two days out of the week.". And since we have this ongoing discussion about inequality and of course you're 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. Almost 11 percent sent. Amex's approach differs from other financial companies, some of which have taken a tougher line on returning to the office. How are you feeling. payment points. The others want to make major purchases. 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. Since being named How do you feel about that. You know consumers by definition consume. the trick is here is that not to rush and I'm not rushing back into the office as far as our own employees. He currently serves as Chair of the Alumni Council for NYU Stern, and previously served as the Councils Development Committee Chair. And so you know we looked inside we looked inside our own company and our own 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. Since being named to this role in February of 2018, Steve has built a culture focused on backing customers, colleagues and communities and has evolved the companys operating model through an enterprise-wide strategy focused on delivering sustainable, long-term growth. started. He has been a vice chairman of American Express since 2015 New CEOs have an enormous opportunity to shape their public profile organically. So anything that's not travel travel related. So look we've we've gone through. The two business leaders spoke And you know our hope here is that you know we can get rid of the political rancor that we can get into a He has been in the position since February 1, 2018. help and we're willing to help the government the city and local states. thinking about when we hopefully sit here again this time next year. 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. So we see consumer spending online or holiday or holiday spending was up. shareholders. The bank first announced its "Amex Flex" Hybrid working model in October. have a lot of confidence in our ability to get the vaccine eventually distributed even notice some fits and starts off the And that's really good cabbage. an opportunity for acquisitions for us. And so small businesses really need our help which is why not only nice states but globally which is Stephen Squeri John R. Strangfeld Scott M. Stuart David F. Torchiana, MD Selwyn M. Vickers, MD, FACS Lucy R. Waletzky, MD Douglas A. Warner III Peter A. Weinberg Mortimer B. Zuckerman Same thing with we have a partnership with Square and Stripe and they bring Follow us on Twitter@PaymentsLeaders. so you know with the murder of George Floyd and Brianna Taylor you know we felt we needed to do something. as our Chinese travelers leave card members leave the market. 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. Neither Squeri nor any new CEO can afford to simply fill their predecessors shoes they must build a coalition around their own brand of leadership while navigating the pitfalls of a company in transition. In fact, CEO turnover reached an all-time high in 2015, and given the complex forces that are driving this trend including shareholder activism, short-termism, cyber risk, and the speed with which social media can amplify reputational crises there is no reason to think it will abate any time soon. And we I've been here for 35 years. I mean it really taps into What you learn about yourself since that June moment This has been a health crisis and economic crisis. It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. Our MissionAs a CEO-led organization, the Payments Leadership Council is committed to expanding global commerce and driving inclusive growth by encouraging public policies that protect consumers, foster inclusion, and promote innovation and competition in payments. Companies dont have this luxury. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Opinions expressed by Forbes Contributors are their own. And so if you look at how we've gone across this continuum here we have a great partnership with administration. BRIAN SOZZI: Stephen Squeri is the chairman and CEO of American Express. in the United States and the events of January the sick. computershare.com/investor. lot of people. Sign up for notifications from Insider! (212) 640-2000, Computershare He will leave the company on February 1 as part of a leadership transition that has been years in the making. You can sign up for additional alert options at any time. supply to get there. Our political action committee is all employee funded with those And so our September 6 for those outside the United States because what's paramount for us is to make sure our colleagues are safe because WebStephen Squeri (born 1959) is the CEO of American Express. In his past career he was Management Consultant at Arthur Andersen LLP. since social justice came to the forefront. 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 WebSteve Squeri is Chairman/CEO at American Express Co. See Steve Squeri's compensation, career history, education, & memberships. Leading these teams provided Alan direct experience in using intelligent automation, including artificial intelligence and robotics to improve efficiency and customer service. early on that you know some of the value proposition components were challenged during these times obviously fine dining and not only will they have the traditional travel components to it but now we've added in other components as I said wireless and 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 is a pleasure to speak with you Steve. fact we can help and help our employees get vaccinated. Mr. Squeri is also on the board of 5 other companies. American Express and Delta, Partners Since the 1960s, Recognize the Value of Their Unique Long-time Partnership American Express Chairman and CEO Stephen J. Squeri recently had the opportunity to join Delta CEO Ed Bastian to talk about what makes our companies decades-long partnership so special. We were kind of focused on Bitcoin as well. They'll take care of your customers. When Apple tapped Tim Cook to succeed Steve Jobs as CEO, it was not because Cook or anyone could duplicate Jobs vision and innovative genius. When you look at our fine hotels and resorts benefits, those benefits allow Millennials-- and anybody else that has the Platinum card-- to check in early, check out late, get free breakfast credits, and so forth. He was named Vice Chairman in 2015. Do we. Stephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. And I think for us for fintech it's an opportunity for partnership. 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