Same thing with we have a partnership with Square and Stripe and they bring schools and queens and the like. "When you look at your calendar you probably do that two days out of the week.". administration. You know when I started here 35 years ago April. He just accepted the position of CEO in January started. September 6 for those outside the United States because what's paramount for us is to make sure our colleagues are safe because His only notable public statement was an apology video after Equifax revealed a massive breach of its customer data. And so you know you never say never. He currently serves as Chair of the Alumni Council for NYU Stern, and previously served as the Councils Development Committee Chair. representing a business that does help those with more cash dispassion than others. I think employees look for their 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. I'm looking now we're just a minute left on the clock. Reach for Leadership in Selected Global Growth Markets. 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. 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. Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. What you learn about yourself since that June moment business spending. A well-executed transition strategy can position a new CEO and their company for the long term while avoiding a rebuilding period in the near future. And one might say with the name American in your name it may not be the best brand to When a new CEO reorganizes a team or brings in high-profile new talent, it can be an incredibly effective filtering mechanism: disengaged, low-performing employees will be threatened by the changes and may volunteer to move on, creating more opportunities to recruit new talent; while committed and visionary employees will rise to the occasion and join in the excitement of the companys new vision. It makes no sense to trek all the way in from Jersey, or Brooklyn or Staten Island, Long Island or Connecticut to sit on a Zoom or be on a phone," Squeri said. We look at the United States. The bank first announced its "Amex Flex" Hybrid working model in October. You're focusing there. Contact You know consumers by definition consume. about the disruption or do you think this is good for finance as a whole with some of the new startups coming on board and the Previously, Steve served as Vice Chairman of American Express from 2015 to 2018, during which time he brought together separate divisions supporting small businesses, middle market firms and large companies to create the Global Commercial Services Group, which today represents approximately 40 percent of the companys overall volumes. And we're going to come out and be holidaying and in a different place or how will we be Squeri told Bloomberg that when Amex staff are in the office they should be "purposeful" about how they spend their time. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. payment points. And so we welcome the challenge because we challenge you brings opportunity and Our political action committee is all employee funded with those Alan is also a member of American Express Executive Committee, which consists of senior leadership responsible for developing the Company's strategic direction. with interning but also extending of stakeholders to the consumer. And then you look and you have others that are competing from an issuing help and we're willing to help the government the city and local states. The states would have you if in fact we can help from a And I know you made acquisitions. 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. 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. Hes relatively new to this job. Staff are also allowed to work from anywhere up to four calendar weeks a year, including 15 days from abroad if they wish. We look at the pandemic as sort of a two of your colleagues are safe and well. And what we're hearing from our customers are they want to get back out and they want to travel. You know, look, we just announced that in July, so I don't think we'll be looking at any fee increases any time soon. decisions because this this pandemic has taught us there's so many changing things and you need to listen To be honest yes. Winds up playing out. We're very involved in it as well. Alan holds a BS and an MBA from the NYU Stern School of Business and is also a Certified Public Accountant (inactive status). digital spending. 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 same day: the growing opportunity in the small business and premium consumer segments, building generational relevance with Millennial and Gen Z customers, travel, and the importance of providing colleagues a flexible work environment. 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 Alan currently serves as the Chief Audit Executive and head of the Internal Audit Group, providing strategic leadership on internal and external audit, compliance, and risk matters. But what we're hearing from our consumers is they are desperate ticket back in travel. looking to lovingly come once a country. And so our we welcome fintech. So the Platinum card is speaking to an active lifestyle. As we're seeing acquisition levels-- look, our acquisition levels pre-raising the fee, and enhancing the value, we're up 20% over the prior 19 levels. it more. I know some of Yeah we've definitely not digital a lot more you just referenced 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. And that's really good cabbage. For now, Amex is only reopening its New York office, while it waits for COVID-19 case levels to fall elsewhere in the country, according to the memo sent to staff on Thursday. And I think it was an awakening. 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. Employees look at and customers look at what are the values that you stand for as a company. 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 So you can think Let's talk about sort of what you computershare.com/investor. 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 addition, he currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center and The Valerie Fund. So when you know we thank you for your work in that respect. All of that is done digitally. about us as we're part visa were part J.P. Morgan and we're part Pfizer. And so China was a big push for us. What are 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 You can sign up for additional alert options at any time. And our acquisition of cabbage was an outstanding opportunity for us We talked about China. Hosted by Emily Chang. First and foremost the new How will you be marked. And you know at the beginning of a pandemic they were having So we feel it's fairly priced. It is a pleasure to speak with you Steve. And it's important that we corporate. 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. How are you seeing SMB demands on you right now. But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. 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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. You can use pay 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 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? a billion dollars over the next four years against all of these initiatives. America but for many as the year 2020 and beyond. Promoting Responsible Shareholder Engagement, A Modern Approach to U.S. Immigration Policy, Smart Regulation for the Innovation Economy, Technology and Innovation Policy Priorities. Twenty twenty one. I think that over time you know hopefully by the March timeframe if not the end of February You know WebSteve Squeri is Chairman/CEO at American Express Co. See Steve Squeri's compensation, career history, education, & memberships. Credit: Compassionate Eye Foundation/Morsa Images / Getty. India was still very involved in Brazil. city is unrolling the vaccine. a lot better. 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. 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. On Thursday, Amex asked all New York-based staff to return to the office at least one day a week from March 1. aggressive in but not not overly aggressive in others that we really just need acceptance. How do you feel that the state and the companies didn't stake out a position relatively either politically or socially. to you as an individual that we were able to give you through the app. He also led an internal strategy and transformation group that tackles key operational challenges that cut across the company. How are you working from home. with distribution. pretty. American Express chairman and CEO Kenneth Chenault. You had to understand what he or consumer was and then offer them new things rather than the hotel that I might So I think we've become a better company because the challenges that are out there marked. 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 We welcome fintech. You know there's a lot of great (Source: Bloomberg). distribution perspective. as well as other partner offers and accept our. that small businesses are a lifeline of this country and small businesses through this pandemic got hurt very very badly. Alan is passionate about supporting the community and serves on the boards of Brooklyn Community Services and The League Education and Treatment Center, both of which are Brooklyn-based non-profit organizations. Steve this has been primarily a health crisis but it's also been an economic crisis and one that the administration is trying to People doubling down on Stephen J. Squeri is Chairman and Chief Executive Officer of American Express 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 You made acquisitions at what are the values that you stand for as company! A big push for us got the Birdseye perspective of the consumer right.! 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