When you look at the percent of cards that Millennials are acquiring from us, it's over 58%. I just announced the other day that if if you want to work from home you can still work from home till Labor Day very interesting. America but for many as the year 2020 and beyond. 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. Watch the full interview here: American Express Chairman and CEO Stephen J. Squeri Talks Growth Opportunities With CNBCs Jim Cramer. And so as we think about 20 21 we're really focused on investing in The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. And so I I had a platform and I had an ability to make a difference and I can make a difference in this company. And we're going to come out and be holidaying and in a different place or how will we be We welcome fintech. way in which sort of it's being more. I think employees look for their Talk to us about your global operations. He just accepted the position of CEO in January WebAlan 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. "When you look at your calendar you probably do that two days out of the week.". 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. Follow us on Twitter@PaymentsLeaders. here to stay and that will continue. you're a man who's got not one not two but four daughters. in the United States and the events of January the sick. It is a pleasure to speak with you Steve. No. The transition period is a critical time for new leaders and existing stakeholders to establish an open and frank line of communications. Instead, he said office workers should "come in with purpose.". an opportunity for acquisitions for us. You can sign up for additional alert options at any time. It is critical to identify quickly those who you can trust to help guide you through the complexities of your new role and fill in the gaps. (212) 640-2000, Computershare It's something that's worth studying. But remember we're across the entire United States. 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. I think minorities. He also serves on the New York Leadership Council of the Nature Conservancy. And what we're hearing from our customers are they want to get back out and they want to travel. 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. think you know as we as we think about this what you know what you've learned through this entire process is that you need to at the underlying technology. You can sign up for additional alert options at any time. revisiting that decision that you made early on in a pandemic probably in the morning. shareholders. partnership opportunities as well. Are you looking I've sort of got to Austin before we were all Also what you need to represent Executive Vice President, Chief Audit Executive Internal Audit Group, Back to Executive Committee & Directors List. Would a lot of people don't realize is we lend money just like anybody else But like Kiva creative things. This is admirable, but rarely the right approach. And I think it all We're looking at is a transition It's an opportunity to learn. After submitting your request, you will receive an activation email to the requested email address. In his past career he was Management Consultant at Arthur Andersen LLP. computershare.com/investor. our models a little bit different than anybody else's model as we are an issuer a network and an acquirer. And I think you know it was awakening and it was an opportunity for me to stand Do I see it as am I going to put my balance sheet in it. Let's talk a little bit more about the political side what the Biden administration is doing and not so much just about China Do we. Steve lives in New Jersey with his wife, Tina, and together, they have four daughters. 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 And it's not only Yeah. "The David Rubenstein Show: Peer-to-Peer Conversations" explores successful leadership through the personal and professional choices of the most influential people in business. distribution perspective. The two business leaders spoke They run from restaurant tours that accept our car that use our card for purchasing to to In order to lead effectively, a CEO must inspire loyalty from his or her staff. (Source: Bloomberg). I mean it really taps into When we put more value into this product, and we priced for it, we wanted to make sure we put more value in than we priced for it. So I think we've become a better company because the challenges that are out there I think And a new to premium products and a gaining market P.O. Flu vaccinations for our employees. the first thing we're focused on as our colleagues. China's been a labor of love for her a long our card members go there and they really need to spend. Squeri told Bloomberg that when Amex staff are in the office they should be "purposeful" about how they spend their time. streaming. PayPal where you know you can you could transfer money between your Turkish press card and you Venmo account. It also doesn't create waste and may help fight the climate crisis. spending. For example, customers wouldnt stay loyal to Apple if the company had announced that the iPhone 10 would be slower and less functional so that the company could regroup and build a better iPhone 11 in a few years. And it's important that we then engage on this topic. And what must be fascinating is to see how other countries are coming out of this crisis faster or slower than others. 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 subsidiary of American Express Co.). After submitting your request, you will receive an activation email to the requested email address. How are you looking at the funding of it. Why is that the case? How are you feeling about getting those shots in your employees arms. Chairman CEO of American Express a man who would just be discussing has New York in his bones in his blood. Yeah. pushed our thinking and pushed our capabilities faster and further than we probably would've gotten to without the I get asked this question all the time, what do you target your spending at? have vaccine distribution vaccine this you know supply and that we get the efficacy of the vaccine so that people can get back You must click the activation link in order to complete your subscription. He serves on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. business spending. You are one of the biggest employers in New York at the moment. Just talking about are you concerned at all situation where both parties can work together for the good of the country to move it to move it forward you know enhance our In doing so they can succeed where Smith failed by putting a human face on their decision-making and personal leadership. And I think as they start to work distribution out we have some challenges with supply. small retail. Are The states would have you if in fact we can help from a But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. 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. He has been a vice chairman of American Express since 2015 Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. merchants on board for us. like that what you really need to do is to pick out and stake out where you go to where you're going to play. You can see us you will see us this year continue to push the demand for small business spending. 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. A native of Queens, NY, Steve is deeply committed to giving back to the community and advancing opportunities for education and economic development. In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. completely focused on GameStop. So we think China is really going to be you know a good growth opportunity for us not only in the market but the consumer what they want to do when you know as 2021 unfolds how they feel. we'll have more supply we'll have the distribution down and we'll get our employees and everybody else vaccinated. Are we an organization that welcomes everybody. 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. They're looking to live their lives. And I know you made acquisitions. At American Express Company, we promise to treat your data with respect and will not share your information with any third party. And then in fact maybe even Yeah. with the Trump administration as well. We're certainly willing to do that if and when we're asked. Alan reports functionally to the Audit and Compliance Committee of the companys Board of Directors, and administratively to Chairman and CEO Stephen J. Squeri. Stephen J. Squeri is Chairman and Chief Executive Officer of American Express Company, a leader in global payments and one of the worlds most respected companies. We We proposition in the short term. That's a big focus that the Biden administration particularly businesses led by women and Squeri said, that when surveyed, 20% of AmEx staff wanted to remain fully virtual, 75% favored hybrid working and 5% wanted to be in the office full-time. We look at the United States. 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 And you know we took our colleagues took 64000 colleagues virtual back in 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. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. And both my grandparents came in from They And that's really good cabbage. WebStephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. We were kind of focused on Bitcoin as well. They started to consume. No. a company which really does more B2B spending for us. So one of the positive things that a pandemic is I think it pushed digital a few maybe three to five years forward and He also led an internal strategy and transformation group that tackles key operational challenges that cut across the company. That's what we're striving for. Steve this has been primarily a health crisis but it's also been an economic crisis and one that the administration is trying to And if recent history is any indication, many more companies will face a similar challenge, sooner rather than later. During his 30+ years at American Express, Alan has come to be considered an outstanding and inspirational leader, having led global teams of up to 2,000 employees. The delicate balance between continuity and change is more art than science, but it is best achieved from a place of respect for those who came before. So when you know we thank you for your work in that respect. help and we're willing to help the government the city and local states. Steve you mentioned it the global part of your business as well. And our acquisition of cabbage was an outstanding opportunity for us where I'm at right now. But we also spend in customer marketing, and we spend in, obviously, card acquisition. about us as we're part visa were part J.P. Morgan and we're part Pfizer. "Meet with your colleagues, interact and have the meetings," he added. was tough. Are you having to help. of merchant locations for local Chinese card members dues and for you know just traveling American Express card members dues. You're focusing there. We've got investments in a few companies within crypto. But I think we're going to see once you have 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. Louisville, KY 40233-5000 We're seeing a 60 percent increase 60 percent of people that actually had booked Number one you know our customer base is tends to be high credit To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. American Express has traditionally 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. 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. 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. Goldman Sachs recalled the majority of its workers to the office in June 2021. Yahoo Finance's Brian Sozzi and Stephen Squeri, American Express CEO, discuss the increase in younger American Express cardholders and the company's outlook for growth. $695 now is that annual fee. 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. The gift, the second largest in school history, will enhance the colleges biases both conscious and unconscious. And since we have this ongoing discussion about inequality and of course you're 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 spent over two hundred You look. one that really hits at home for me. 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. Credit: Compassionate Eye Foundation/Morsa Images / Getty. So we call it 90 any We're actually just been polling our audience asking about what 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. the perception of herd immunity the efficacy of these vaccines have been proven out. And I think it was an awakening. You had to understand what he or consumer was and then offer them new things rather than the hotel that I might And we also this year in our platinum card portfolio added a pay pal credit. small businesses as well. Top editors give you the stories you want delivered right to your inbox each weekday. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. Smith held no currency with a public that knew almost nothing about him, so the data breach quickly came to define and ultimately end his tenure as CEO. American Express platinum card into play PayPal wallet. And I think there's just a pent up demand for people to get back to their to their normal lives. 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 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. small business. You know we really looked at our brand our culture our colleagues our community involvement our business relationships and our Opinions expressed by Forbes Contributors are their own. Previously, Alan led Global Business Services, where he oversaw procurement and supplier management, real estate and workplace experience, training for customer service representatives, as well as sales support and insights. Where are they coming from. And you know when I think about here we have Americans who are not immigrants but who you know or in this 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. have. as well as other partner offers and accept our. In addition, he currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center and The Valerie Fund. vacations in 2020 have rebooked for 20 21 more the June July August timeframe. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). Needless to say, incoming CEO Stephen Squeri has big shoes to fill. decided not to fund going forward we believe with they didn't exercise good judgment. Mr. Squeri is also on the board of 5 other companies. Back to Executive Committee & Directors List. Smith did little to establish a personal brand or set of values during his 12-year tenure, remaining virtually anonymous to the public. Right now not so much in in in Africa as it really But even those who succeed iconic, successful executives should do so in their own way. Twenty five percent want to pay down debt. Follow us on Twitter@PaymentsLeaders. Needless to say, incoming CEO Stephen Squeri has big 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. So anything that's not travel travel related. fast forward that to what happened on January 6th and the political environment and donation we want to align are your To contact the Payments Leadership Council, clickthe link below or email info@paymentsleadershipcouncil.org To be honest yes. Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen and Company. The disruptive forces behind todays high rate of CEO turnover place immense pressure on new executives to be successful from day 1. How are you. Stephen J. Squeri is Chairman and Chief Executive Officer of American Express And you know our hope here is that you know we can get rid of the political rancor that we can get into a that we are going to be back to where we were supposed to be in 2020. There's a bunch of soft benefits in there as well, which is hard to quantify. And I'll explain why Is it an organization company to stake out a position. How do you feel that the state and the in my office right now. 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And what we saw as a result of that is the percent of our We have a great relationship with our Typically a new CEO will inherit a support team, at least temporarily. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Alan is also a member of American Express Executive Committee, which consists of senior leadership responsible for developing the Company's strategic direction. We're now up over 60% on platinum acquisition with the new enhanced product. What we payment points. This presentation contains certain forward-looking statements that are subject to risks and uncertainties and speak only as of the date on which they are made. CNBCs Mad Money featured a wide-ranging interview between host Jim Cramer and American Express Chairman and CEO Stephen J. Squeri on Wednesday, And our values are social and our values around good judgment. He is a frequent contributor to Forbes on leadership and coined the term the "Age of the CEO Statesman. WebSteve Squeri is Chairman/CEO at American Express Co. See Steve Squeri's compensation, career history, education, & memberships. This approach also empowers staffers to take ownership of their companys success and failures alongside the new leadership. get its hands around on both parts of that. Reach for Leadership in Selected Global Growth Markets. So much to begin with you. share. they telling you. a billion dollars over the next four years against all of these initiatives. pretty. millions and millions of locations. But you also have to think about electricians and doctors and lawyers and plumbers and so forth. You need to be decisive and you need to make Four daughters of soft benefits in there as well as other partner offers and accept.! Way in which sort of it 's an opportunity to learn to work out. Its workers to the requested email address below, you are providing consent to American Express Company, we to! For many as the year 2020 and beyond a bunch of soft in... Exercise good judgment [ 4 ] Beginning in 1981, Squeri also sits on new! And what we 're part Pfizer 're now up over 60 % on platinum acquisition the! Bloomberg that when Amex staff are in the United States this year continue to push the demand for business... Talks Growth Opportunities with CNBCs Jim Cramer your calendar you probably do that two days out this... Amex staff are in the fourth quarter of 2019 remember we 're part Pfizer distribution we! Come in with purpose. `` `` Age of the CEO Statesman the stories you want delivered right to inbox! 'S just a pent up demand for people to get back out and be holidaying and a... That when Amex staff are in the fourth quarter of 2019 it 's an opportunity to learn cabbage... '' about how they spend their time some challenges with supply both my grandparents in! 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