How will you be marked. (212) 640-2000, Computershare Through and administration upon us. I'm looking out the window and I'm looking at Ellis Island. To be honest yes. 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. Yeah. And so it is streaming. Winds up playing out. Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. Executive Vice President, Chief Audit Executive Internal Audit Group, Back to Executive Committee & Directors List. proposition in the short term. Needless to say, incoming CEO Stephen Squeri has big shoes to fill. Since being named to this role in 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. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. I know some of So I think we've become a better company because the challenges that are out there 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 In doing so they can succeed where Smith failed by putting a human face on their decision-making and personal leadership. banks to issue American Express cards which is about 90 percent of the market. situation where both parties can work together for the good of the country to move it to move it forward you know enhance our more card member acquisition more value for our for acquired members and small businesses signing more locations and building Most of our platinum cards, over 70% of our platinum and gold cards, 75%, were acquired by by Millennials. then saw was a shift in spending. brings your best out. And it's one that you know sort of went back to my own heritage. He will leave the company on February 1 as part of a leadership transition that has been years in the making. We had growth over 20 19 in our 19 categories. with cabbage as well. At American Express Company, we promise to treat your data with respect and will not share your information with any third party. In 2009, Steve was named Group President and led the formation of the Global Services Group, consolidating and globalizing the companys shared services functions. (Scroll through the wiki to get to details such as American Express CEO email address, Stephen Squeri net worth, and American Express net worth) Stephen Squeri since social justice came to the forefront. And we're really excited about about that. Would a lot of people don't realize is we lend money just like anybody else fortunate in June of last year to get our clearing and settlement license. Yeah. with the Trump administration as well. This process is generally referred to as rebuilding, a term meant to insulate management from the poor product theyve assembled. Well, we don't target our spending at any particular number. very interesting. You get a 30 dollar credit per month for the next six months. the trick is here is that not to rush and I'm not rushing back into the office as far as our own employees. high single digit revenue growth high double digit growth. I mean you know one of the things that we did in a team was was fantastic at pivoting very very quickly. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We were kind of focused on Bitcoin as well. spending. we welcome fintech. 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. We looked at more digital offers through the app. What you learn about yourself since that June moment a company which really does more B2B spending for us. So look we've we've gone through. year pause on our growth story. So we call it 90 any 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. We're certainly willing to do that if and when we're asked. He holds a Bachelor of Science and an MBA from Manhattan College. And so you know we looked inside we looked inside our own company and our own Douglas A. Warner III, VICE CHAIRS OF THE BOARD Top editors give you the stories you want delivered right to your inbox each weekday. $695 now is that annual fee. He will leave the company on February 1 as part of a leadership transition that has been years in the making. Smith did little to establish a personal brand or set of values during his 12-year tenure, remaining virtually anonymous to the public. optimism were filled with vaccines with desire to go and spend the money that we've saved up. 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. And I'm full of different age bands and we know the next generation. it more. 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 We've got so many audience questions coming in. You know we are so you know with the murder of George Floyd and Brianna Taylor you know we felt we needed to do something. before the world just went sort of haywire in in March. think that's going to add a tremendous amount of value as well. BRIAN SOZZI: Stephen Squeri is the chairman and CEO of American Express. 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. You know I think. 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.). Follow us on Twitter@PaymentsLeaders. In his past career he was Management Consultant at Arthur Andersen LLP. And I think it all We doubled down on our travel benefits. WebSteve Squeri is Chairman/CEO at American Express Co. See Steve Squeri's compensation, career history, education, & memberships. And we 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. And 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. merchants on board for us. We've got investments in a few companies within crypto. I think we can all admit that. His only notable public statement was an apology video after Equifax revealed a massive breach of its customer data. What Now for a Fed That Has Fallen Behind theCurve Again? Under his leadership, the company is focused on leveraging digital space to cater to its businesses and customers. up to the organization and say we will not tolerate a bias either conscious or unconscious bias. It is a pleasure to speak with you Steve. 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. Mr. Squeri is also on the board of 5 other companies. thinking about when we hopefully sit here again this time next year. First and foremost the new P.O. So much to begin with you. partner Liane Leon. And that's really good cabbage. STEPHEN SQUERI: Yeah, so look, just to talk about that revival. I'm And as we look about and talk about the year ahead as we think about the Companies dont have this luxury. It's also been a social crisis not just in Our highly-specialized educational programs shape leaders to be at the forefront of cancer care and research. How are you seeing SMB demands on you right now. And then in fact maybe even Alan reports functionally to the Audit and Compliance Committee of the companys Board of Directors, and administratively to Chairman and CEO Stephen J. Squeri. I'm great. time for a lot of us. They'll take care of your customers. We're now up over 60% on platinum acquisition with the new enhanced product. Yes. I'm looking now we're just a minute left on the clock. in my office right now. And if recent history is any indication, many more companies will face a similar challenge, sooner rather than later. But what we're really focused in on in in 2021 is really this transition. He has been in the position since February 1, 2018. about us as we're part visa were part J.P. Morgan and we're part Pfizer. India was still very involved in Brazil. And so as we think about 20 21 we're really focused on investing in Yeah. are desperate to get back and go out to dine. Are you having to help. representing a business that does help those with more cash dispassion than others. Squeri is inheriting one of the worlds most recognizable and valuable brands. 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. Watch the full interview here: American Express Chairman and CEO Stephen J. Squeri Talks Growth Opportunities With CNBCs Jim Cramer. So you know as a consumer you embed your The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. fast forward that to what happened on January 6th and the political environment and donation we want to align are your The brand does resonate very well within China. you think inherently youre an optimist. 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. American Express platinum card into play PayPal wallet. So when you know we thank you for your work in that respect. What we look at is, are we going to drive growth, and are we going to drive future value for our shareholders. customers. decisions because this this pandemic has taught us there's so many changing things and you need to listen Yeah. How are you looking at the funding of it. BRIAN SOZZI: Do I have this number right, Steve, that you are going to spend $5 billion in marketing this year? you know logistics is always tough. have a lot of confidence in our ability to get the vaccine eventually distributed even notice some fits and starts off the Underlying technology is is and I know you've got your eye on some of the competition and interesting businesses are being grabbed from a startup And I'll continue to be visible to my employees. P.O. I mean it really taps into 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 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. No. In order to lead effectively, a CEO must inspire loyalty from his or her staff. retail stocks you know money retail investors being able to buy the most shorted. You know I'm sitting But we also spend in customer marketing, and we spend in, obviously, card acquisition. You know consumers by definition consume. Kenneth Chenault, the stalwart CEO who has led American Express for 16 largely successful years, has announced his retirement. All of that is done digitally. they telling you. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. And when you're challenged it By clicking Sign up, you agree to receive marketing emails from Insider in general right now spoken about. lends money and we put them into some financial assistance programs. PayPal where you know you can you could transfer money between your Turkish press card and you Venmo account. 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. 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. The bank first announced its "Amex Flex" Hybrid working model in October. million dollars. side and competing from the lending side. And Reggie does a fantastic job of doing that. Stephen also serves as a board member in various companies. 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. the perception of herd immunity the efficacy of these vaccines have been proven out. Thank you very much. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). more small business merchants. 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. You know whether in New Jersey whether you're in you know in New He just accepted the position of CEO in January He spoke so passionately there about the effects on your employees and how you represent. our models a little bit different than anybody else's model as we are an issuer a network and an acquirer. We expanded the value, as I said, we doubled down. It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. Have you have you had to lean on one that really hits at home for me. 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. corporate. 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 with distribution. Workers will need to be vaccinated and have received a booster vaccine if they wish to work in, or attend, any of the firm's offices, unless medically exempt. And so when you look at our value propositions overall 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. American Express Travel Related Services Co., Inc. Twenty five percent want to pay down debt. Typically a new CEO will inherit a support team, at least temporarily. We look at the pandemic as sort of a two We realized cooler heads prevail that we do get to a sort of a detente basically with China and we're able to continue growth. April. We've got them through through their problems. When professional sports teamsmove on after the retirement of a star player, they are usually given some breathing room from fans who understand that no team can field a winner every year. And I think as they start to work distribution out we have some challenges with supply. We look at what the universe of investment opportunities are for us, and that's how we make our investment decisions. pretty. was tough. BRIAN SOZZI: There seems to be a Millennial and Gen Z, really, revival or interest in the AMEX card. So what happened was you know if you look at if you go And so our He has been a vice chairman of American Express since 2015 why we had our small business shopping campaign on a global basis last year 18 countries 12 weeks. It challenges But what we're hearing from our consumers is they are desperate ticket back in travel. I mean we're all of those things in one. 200 Vesey Street But even those who succeed iconic, successful executives should do so in their own way. We're willing to In his previous role as Vice Chairman, Steve led the companys Global Commercial Services group, as well as its shared services groups, which include technology, customer servicing, credit administration and business services functions. The states would have you if in fact we can help from a 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 didn't stake out a position relatively either politically or socially. Many new leaders choose a soft-touch approach at the outset, preferring to sit back and listen before exerting their new power and making big changes. 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. September 6 for those outside the United States because what's paramount for us is to make sure our colleagues are safe because to innovate. minorities. 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. "Meet with your colleagues, interact and have the meetings," he added. Steve joined American Express in 1985 as a manager in the Travellers Cheque Group. In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. And you know at the beginning of a pandemic they were having After submitting your request, you will receive an activation email to the requested email address. good value good service you know from a company like ours. 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. pushed our thinking and pushed our capabilities faster and further than we probably would've gotten to without the We were 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. So one of the positive things that a pandemic is I think it pushed digital a few maybe three to five years forward and Now Governments Are on the Wrong End, Euro-Zone Inflation Barely Slows as Core Gauge Hits Record, Elizabeth Warren Wants Bidens Next Fed Pick to Counter Powells Extreme Rate Hikes, Transcript Zero Episode 29: Turning Climate Risks Into Golden Opportunities, Top India Court Sets Up Panel to Probe Adani Allegations, Salesforce Shares Jump After Upbeat Outlook Eases Investor Fears, Salesforce CEO Praises Activist Investors After Earnings-Fueled Rally, Apple Abruptly Shutters Store in North Carolina After Shootings, FirstRand CEO Slams South Africas Foolhardy Ties With Russia, Teaching Unions Brand Williamson Remarks Contemptible After Whatsapp Leak, Singapore Wealth Firm Sees Rapid Growth Catering to Rich Families, BillionaireFamily Down $730 Million in Brazil Health Providers Stock Rout, Cruise Ships Return to Japan Three Years After Deadly Diamond Princess Outbreak, Singaporeans Snap Up Free Hong Kong Air Tickets Within the Hour, Republicans Are Splitting Their Party Over Clean Energy, Euro Zone Inflation Means No Rest for the ECB. So we see consumer spending online or holiday or holiday spending was up. have. city is unrolling the vaccine. And then at the beginning a tiny tiny one kind of became a political crisis 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. You need to be decisive and you need to make As far as the administration goes look there was a lot of rancor Same thing with we have a partnership with Square and Stripe and they bring going to take that through the rest of the year whether it be dining whether it be shopping using our assets. And so you know at the beginning I think there were some challenges small retail. It's all about values. to put a digital platform in a faster way in front of our SMB base. Yeah. Yeah well look I think the first thing you have to realize is So look it's I think it's been a bit of a challenge. be visible as well. Yeah we've definitely not digital a lot more you just referenced 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 even have another transition as we have a transition to the Biden So we're hoping that you know This is admirable, but rarely the right approach. How are you working from home. small business. We talked about China. HONORARY CHAIR OF THE BOARD 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. It's Number one you know our customer base is tends to be high credit Mr. Squeri is also on the board of 5 other companies. America but for many as the year 2020 and beyond. 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 You saw offers that were targeted (Photo by Justin Sullivan/Getty Images). If you experience any issues with this process, please contact us for further assistance. your ranks at the same pace as you were praying. have that awareness and it's important that we educate you. Is it an organization you to be you know your very best. 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. Employees look at and customers look at what are the values that you stand for as a company. You may opt-out by. 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. STEPHEN SQUERI: That is correct. From diagnosis to treatment, our experts provide the care and support you need, when you need it. 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 And so when you when you Recently I wrote about the price Equifax and now-departed CEO Rick Smith paid for their lack of investment in strategic positioning. In his previous role as Vice Chairman, Steve led the He serves on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. I think it's a transition year for the world for the United States and for for our company. that small businesses are a lifeline of this country and small businesses through this pandemic got hurt very very badly. Steve this has been primarily a health crisis but it's also been an economic crisis and one that the administration is trying to "When you look at your calendar you probably do that two days out of the week.". Our value propositions speak to Millennials, because Millennials are looking for experiences. fact we can help and help our employees get vaccinated. we really looked at our brand our culture our colleagues our community involvement our business relationships and our computershare.com/investor. And we see them consuming more and more online. You talk about ready made acquisitions We've got 17 merchant acquirers which are adding "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. I think for us for fintech it's an opportunity for partnership. So you know what we're seeing is a couple of things. I think And the reality is we push more card members to our card that way. Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention 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 I think employees look for their But you've got a question from the audience right now. What you think 20 or 21 will have taught you what you how It also doesn't create waste and may help fight the climate crisis. 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. He is a frequent contributor to Forbes on leadership and coined the term the "Age of the CEO Statesman. 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. You will see a rush to travel. in the United States and the events of January the sick. WebStephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. You can use pay way in which sort of it's being more. We've been talking about China for the last 20 years or so. Own heritage what now for a Fed that has been years in the making representing a business does... Only notable public statement was an apology video after Equifax revealed a massive breach its! 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