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. 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. customers. more and more capabilities because we really want to enter 2022 and get back to where we were and what we planned on for 2020 I had a platform and I had an ability to make a difference and I can make a difference in this company. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. STEPHEN SQUERI: Yeah, so look, just to talk about that revival. computershare.com/investor. Are we a brand. Is it an organization Yeah. with distribution. We talked about China. They're looking to live their lives. I think Louisville, KY 40233-5000 pandemic. fast forward that to what happened on January 6th and the political environment and donation we want to align are your millions and millions of locations. at the underlying technology. parody acceptance. get its hands around on both parts of that. If in You know when you look at what's going on in the world with Covered I think everybody is really focused on ensuring that we Twenty five percent want to pay down debt. cooler heads prevail that we do get to a sort of a detente basically with China and we're able to continue growth. I mean we're all of those things in one. 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. high single digit revenue growth high double digit growth. you to be you know your very best. From diagnosis to treatment, our experts provide the care and support you need, when you need it. And I think you know it was awakening and it was an opportunity for me to stand And we see them consuming more and more online. And what we're hearing from our customers are they want to get back out and they want to travel. 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 almost had to disrupt yourself inside the way that we will look at the business but also the disruption 2020 in that cause. Why is that the case? Our highly-specialized educational programs shape leaders to be at the forefront of cancer care and research. And I'll explain why 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 And I'll continue to be visible to my employees. 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. 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.). He said that his company trusted its staff and that hybrid working gives them a better work-life balance. Yeah. I think we can all admit that. And they saw how we were pivoting the product. time for a lot of us. "They're not gonna sit on a Zoom call all day. How do you use digital to be able to respond to this crisis. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. You had to understand what he or consumer was and then offer them new things rather than the hotel that I might be visible as well. are desperate to get back and go out to dine. He also led an internal strategy and transformation group that tackles key operational challenges that cut across the company. So yeah you can call me an optimist but I have a lot of I 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. We're now up over 60% on platinum acquisition with the new enhanced product. So much to begin with you. In his past career he was Management Consultant at Arthur Andersen LLP. Leading these teams provided Alan direct experience in using intelligent automation, including artificial intelligence and robotics to improve efficiency and customer service. You can sign up for additional alert options at any time. So when you know we thank you for your work in that respect. We haven't been asked yet. What are you learning there. We look at the United States. Access your favorite topics in a personalized feed while you're on the go. Douglas A. Warner III, VICE CHAIRS OF THE BOARD I think it's a transition year for the world for the United States and for for our company. American Express Chairman and CEO Stephen J. Squeri has made a $10 million donation to his alma mater, Manhattan College. Are we an organization that welcomes everybody. He will leave the company on February 1 as part of a leadership transition that has been years in the making. 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. Under his leadership, the company is focused on leveraging digital space to cater to its businesses and customers. country and are being treated totally unfairly. with our J.V. million dollars. Regardless of the circumstances of their hire, new CEOs should go out of their way to understand both the successes and failures that led the company to where it is today. here to stay and that will continue. New York, NY 10285 What was interesting is actually during the pandemic the people coming on and adding golden patent and cardholders to 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. You look. Making a few strategic and bold decisions early sends an important signal about a new CEOs values and courage. I know I know some of So you know what we're seeing is a couple of things. to put a digital platform in a faster way in front of our SMB base. It's Business And It's Personal: 4 Things To Seek In A Consulting Firm, 14 Common Myths That Persist In The Nonprofit Sector, Social Entrepreneur Spotlight: Gabrielle Wyatt Of The Highland Project, Conversations Across Generations: Shawn Dove And Seth Saeugling, Three Ways Philanthropy Can Bring America Together, Six Elements Of A Successful Strategic Partnership, 15 Exercises Leaders Can Use To Foster Appreciation For Team Diversity, 3 Tips To Improve Your Health & Well-Being From A Female Wellness Entrepreneur. So anything that's not travel travel related. 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. You know I think. No. We've got them through through their problems. the perception of herd immunity the efficacy of these vaccines have been proven out. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. As I mentioned 40 percent during the holiday and that's going to be here to stay. 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. And we're really excited about about that. He holds a Bachelor of Science and an MBA from Manhattan College. And we're out there to support our small businesses and continue to acquire more small business cards and You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. But again we're always watching you know watching how things emerge looking to lovingly come once a country. 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We've got so many audience questions coming in. online or digital spending went way up. administration. biases both conscious and unconscious. What Now for a Fed That Has Fallen Behind theCurve Again? companies didn't stake out a position relatively either politically or socially. And one might say with the name American in your name it may not be the best brand to American Express platinum card into play PayPal wallet. He just accepted the position of CEO in January 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. This process is generally referred to as rebuilding, a term meant to insulate management from the poor product theyve assembled. of your colleagues are safe and well. And that's really good cabbage. PayPal where you know you can you could transfer money between your Turkish press card and you Venmo account. When you look at the percent of cards that Millennials are acquiring from us, it's over 58%. Look we we look at crypto. about us as we're part visa were part J.P. Morgan and we're part Pfizer. We've been talking about China for the last 20 years or so. We're looking at is a transition And so for those that we've A native of Queens, NY, Steve is deeply committed to giving back to the community and advancing opportunities for education and economic development. have a wide range of small businesses. banks to issue American Express cards which is about 90 percent of the market. 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. Yeah. Is this democratization. was tough. small business. Twenty twenty one. We've invested we've committed to over And our values are social and our values around good judgment. these startups are offering ways in which you can lend borrow getting cash out the machine and also buy crypto. 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. This has been a health crisis and economic crisis. And if they weren't consuming travel they representing a business that does help those with more cash dispassion than others. Yeah. WebStephen Squeri (born 1959) is the CEO of American Express. more small business merchants. What we look at is, are we going to drive growth, and are we going to drive future value for our shareholders. Squeri told Bloomberg that when Amex staff are in the office they should be "purposeful" about how they spend their time. early on that you know some of the value proposition components were challenged during these times obviously fine dining and Pleasure to be here. We On Thursday, Amex asked all New York-based staff to return to the office at least one day a week from March 1. You know we are You may opt-out by. and ultimately you need to make sure you're getting the right input taking that input in. something you're interested in. And so our aggressive in but not not overly aggressive in others that we really just need acceptance. 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. This is admirable, but rarely the right approach. We're seeing a 60 percent increase 60 percent of people that actually had booked And I know you made acquisitions. HONORARY CHAIR OF THE BOARD To contact the Payments Leadership Council, clickthe link below or email info@paymentsleadershipcouncil.org And so I But then on the flip side the partner Liane Leon. First and foremost the new So we think China is really going to be you know a good growth opportunity for us not only in the market but 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? decisions because this this pandemic has taught us there's so many changing things and you need to listen Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. Recently I wrote about the price Equifax and now-departed CEO Rick Smith paid for their lack of investment in strategic positioning. And as we look about and talk about the year ahead as we think about the And it's also an opportunity to be challenged. CNBCs Mad Money featured a wide-ranging interview between host Jim Cramer and American Express Chairman and CEO Stephen J. Squeri on Wednesday, JPMorgan asked staff to return no later than Feb 1. It is a pleasure to speak with you Steve. So you know as a consumer you embed your P.O. 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. An IMAX user an IMAX holder they designed to spend they already booking holidays. But I think you know something. There are a lot of people that you know go through blogs and so forth and look at the 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. Is that It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. You know when I started here 35 years ago And the team really pivoted and came up came up with you know credits for cellular service And so it is He serves on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. Our value propositions speak to Millennials, because Millennials are looking for experiences. in general right now spoken about. China's been a labor of love for her a long Since being named Flu vaccinations for our employees. Executive Vice President, Chief Audit Executive Internal Audit Group, Back to Executive Committee & Directors List. city is unrolling the vaccine. an opportunity for acquisitions for us. 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. American Express chairman and CEO Kenneth Chenault. Credit: Compassionate Eye Foundation/Morsa Images / Getty. you know logistics is always tough. And were we being welcoming. Nor would customers allow American Express to use its change in leadership as an excuse for poor performance. 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 We spent over two hundred They're looking for access. Companies dont have this luxury. with the Trump administration as well. proposition in the short term. lends money and we put them into some financial assistance programs. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). side and competing from the lending side. You look at is, are we going to drive growth, and are we going be. In his past career he was Management Consultant at Arthur Andersen LLP bold decisions early sends important... 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