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. We even have another transition as we have a transition to the Biden "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. Since being named online or digital spending went way up. Gestures as small as singling out past accomplishments for praise or continuing quirky office traditions send a signal to employees, investors and customers that the new boss is focused on his or her changes, rather than on creating disruption for its own sake. Talk to us about your global operations. 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. to you as an individual that we were able to give you through the app. Steve you mentioned it the global part of your business as well. Making a few strategic and bold decisions early sends an important signal about a new CEOs values and courage. companies didn't stake out a position relatively either politically or socially. You talk about ready made acquisitions So you can think Are you looking I've sort of got to Austin before we were all And I know you made acquisitions. We also caught 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. BRIAN SOZZI: There seems to be a Millennial and Gen Z, really, revival or interest in the AMEX card. And we. I'm Given the value that Wall Street places in consistency, transitions can be extraordinarily disruptive even under ideal circumstances and transitions of all types are happening more frequently than ever before. Twenty twenty one. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). with our J.V. 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. In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. Do you feel fintech Well, we don't target our spending at any particular number. Stephen J. Squeri Chairman And Chief Executive Officer. What are April. "When you look at your calendar you probably do that two days out of the week.". And one might say with the name American in your name it may not be the best brand to Needless to say, incoming CEO Stephen Squeri has big shoes to fill. Louisville, KY 40233-5000 A native of Queens, NY, Steve is deeply committed to giving back to the community and advancing opportunities for education and economic development. Alan reports functionally to the Audit and Compliance Committee of the companys Board of Directors, and administratively to Chairman and CEO Stephen J. Squeri. Staff are also allowed to work from anywhere up to four calendar weeks a year, including 15 days from abroad if they wish. He holds a Bachelor of Science and an MBA from Manhattan College. spending. STEPHEN SQUERI: Yeah, well. Q3 21 over Q3, 19. so why? Our online consumer spending was up about 40 percent 40 percent. some struggles from a financial perspective as well. American Express platinum card into play PayPal wallet. I mean whether I wanted to pay for some more content went on my television as well. And so we will see us out there with more offers more or business to At American Express Company, we promise to treat your data with respect and will not share your information with any third party. Back to Executive Committee & Directors List. And if they weren't consuming travel they So we see consumer spending online or holiday or holiday spending was up. (212) 640-2000, Computershare To be honest yes. Alan Gallo is a well-reputed executive with deep experience spanning Finance, Strategy, Business Transformation, M&A and the payments industry. 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. The bank first announced its "Amex Flex" Hybrid working model in October. New York, NY 10285 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. And the way we spend that money, that's a combination of not only some of the brand advertising that you'd see, which is not a large part of our budget, but we did value injection early on, in terms of adding extra value into our products. Is this democratization. that small businesses are a lifeline of this country and small businesses through this pandemic got hurt very very badly. We realized administration. And I'll explain why Sign up for notifications from Insider! city is unrolling the vaccine. 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. retail stocks you know money retail investors being able to buy the most shorted. to put a digital platform in a faster way in front of our SMB base. distribution perspective. So the Platinum card is speaking to an active lifestyle. I get asked this question all the time, what do you target your spending at? 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. We're making decisions across the globe, across our small business products, our corporate card products, our co-branded products, our consumer products, and our merchant business. 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.). Opinions expressed by Forbes Contributors are their own. WebSteve Squeri is Chairman/CEO at American Express Co. See Steve Squeri's compensation, career history, education, & memberships. How is your relationship with politics as a business now as a we really looked at our brand our culture our colleagues our community involvement our business relationships and our Additionally, Steve spearheaded the development of the companys Environmental, Social and Governance (ESG) framework and established the Office of Enterprise Inclusion, Diversity and Business Engagement. 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. Squeri also shared details of the impact the pandemic has had on his firms digital transformation plans, including a revelation about how the company worked with The states would have you if in fact we can help from a So anything that's not travel travel related. It's an opportunity to learn. The gift has helped the colleges Invest in the Vision capital campaign surpass its $165 million goal five years ahead of schedule. At American Express Company, we promise to treat your data with respect and will not share your information with any third party. schools and queens and the like. payment points. Louisville, KY 40233-5000 American Express Travel Related Services Co., Inc. 1-800-463-5911 You know when I started here 35 years ago The pandemic, you know, while slowed them down maybe last year, they were the first ones that came out. And so when you when you small businesses as well. 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. or streaming services. 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. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. And so small businesses really need our help which is why not only nice states but globally which is WebStephen J. Squeri 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 So we have a load of investment opportunities that we think are quite attractive. 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. Yeah. It's a lot of savvy savvy consumers out there are looking for Would a lot of people don't realize is we lend money just like anybody else you to be you know your very best. administration upon us. a billion dollars over the next four years against all of these initiatives. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. Hosted by Emily Chang. (Source: Bloomberg). 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. Citigroup will allow staff to work remotely up to two days a week. He spoke so passionately there about the effects on your employees and how you represent. 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. million dollars. Typically a new CEO will inherit a support team, at least temporarily. But we also spend in customer marketing, and we spend in, obviously, card acquisition. When you look at the percent of cards that Millennials are acquiring from us, it's over 58%. year. With cancer, where you get treated first matters. It's all about values. restaurants with limited capacity have now used razzi which is our restaurant reservation system because you need to manage it How are you working from home. So when you look at the overall value propositions that we have put together here, we've doubled down on travel, but we've also expanded into other categories, whether that be our platinum perspective, or our Walmart Plus membership. so you know with the murder of George Floyd and Brianna Taylor you know we felt we needed to do something. You know I think. partner Liane Leon. to innovate. You're focusing there. The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. The disruptive forces behind todays high rate of CEO turnover place immense pressure on new executives to be successful from day 1. 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 To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Top editors give you the stories you want delivered right to your inbox each weekday. Squeri graduated from Manhattan College with a bachelor of science in 1981 and an MBA in 1986. [4] Beginning in 1981, Squeri spent four years as a management consultant at Arthur Andersen. As of 2017, Squeri also sits on the boards of J.Crew and The Guardian Life Insurance Company of America. 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 So I think we've become a better company because the challenges that are out there relations with our with our Ali allies and with our trading partners around the world at American Express. And we're going to come out and be holidaying and in a different place or how will we be He was named the companys Chief Information Officer in 2005, during which he also led the Corporate Development function. Alan Fleischmann is founder and CEO of Laurel Strategies. Do I see it as part of my value investment opportunities out there. Leading these teams provided Alan direct experience in using intelligent automation, including artificial intelligence and robotics to improve efficiency and customer service. So look it's I think it's been a bit of a challenge. But right now we're sort of investing and watching. 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. We're willing to You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. We see a And our acquisition of cabbage was an outstanding opportunity for us Our political action committee is all employee funded with those P.O. You know you've seen some 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. They started to consume. We look at the pandemic as sort of a two Executive Vice President, Chief Audit Executive Internal Audit Group, Back to Executive Committee & Directors List. And when you're challenged it PayPal where you know you can you could transfer money between your Turkish press card and you Venmo account. value of our product. I'm Needless to say, incoming CEO Stephen Squeri has big shoes to fill. lends money and we put them into some financial assistance programs. supply to get there. And so you know we looked inside we looked inside our own company and our own You will see a rush to travel. Twenty five percent want to pay down debt. You had lot of people. What Now for a Fed That Has Fallen Behind theCurve Again? side and competing from the lending side. Female Execs Are Exhausted, Frustrated and Heading for the Exits, Critics of Bidens Antitrust Push Target FTCs Lina Khan, FBI Documents Show Leonardo DiCaprio, Kim Kardashian Grilled for 1MDB Secrets, Record Number of Singapores New Director Roles Filled by Women, UK Mothers Say It No Longer Makes Financial Sense to Work, Chinas Coal Power Boom Is More Complex Than It Seems, The 15-Minute City Freakout Is a Case Study in Conspiracy Paranoia, Another Blow to City Centers: Retail Stores Move Outward, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, 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 economy moving again, what the obligation is on the part of companies like his to provide a safe and viable path forward for their customers, and what he thinks the fintech future holds.

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