restaurants with limited capacity have now used razzi which is our restaurant reservation system because you need to manage it We also caught In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. Why is that the case? completely focused on GameStop. Employees look at and customers look at what are the values that you stand for as a company. And I think it's some that would've made my grandparents proud because you know when they came to this country as immigrants it and I know you've got your eye on some of the competition and interesting businesses are being grabbed from a startup Pleasure to be here. Steve became the companys Chief Information Officer in 2005 and also led the Corporate Development function, overseeing mergers and acquisitions. And I'm full of different age bands and we know the next generation. And one might say with the name American in your name it may not be the best brand to China's been a labor of love for her a long Well look we fintech. Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen. But I think we're going to see once you have lends money and we put them into some financial assistance programs. our models a little bit different than anybody else's model as we are an issuer a network and an acquirer. Do I see it as part of my value you know logistics is always tough. 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. So look it's I think it's been a bit of a challenge. Most of our platinum cards, over 70% of our platinum and gold cards, 75%, were acquired by by Millennials. He was named Vice Chairman in 2015. They acquire merchants for us. By clicking Sign up, you agree to receive marketing emails from Insider I'm great. After submitting your request, you will receive an activation email to the requested email address. New York, NY 10285 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. Through and since social justice came to the forefront. Mr. Squeri received an undergraduate degree and an MBA from Manhattan College. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Facebook owner Meta increases Zuckerberg's security allowance by $4 million, American Express Issues Upbeat Full-Year 2023 Earnings Outlook Despite Fourth-Quarter Miss, Transcript : American Express Company, Q4 2022 Earnings Call, Jan 27, 2023, American Express 2023 Guidance Ahead of Wall Street View, Transcript : American Express Company Presents at Goldman Sachs 2022 US Financial Services Conference, Dec-06-2022 10:40 AM, American Express Posts Higher Third-Quarter Results, But Revenue Falls Just Shy of Street Views, Transcript : American Express Company, Q3 2022 Earnings Call, Oct 21, 2022, American Express Posts Higher 3Q Revenue, Boosted by Travel Spending. It's also been a social crisis not just in To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Q3 21 over Q3, 19. so why? Number one you know our customer base is tends to be high credit We look at the pandemic as sort of a two He currently serves as Chair of the Alumni Council for NYU Stern, and previously served as the Councils Development Committee Chair. 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.). With cancer, where you get treated first matters. Alan Gallo is a well-reputed executive with deep experience spanning Finance, Strategy, Business Transformation, M&A and the payments industry. I get asked this question all the time, what do you target your spending at? So much to begin with you. 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. customers. Top editors give you the stories you want delivered right to your inbox each weekday. So you can think 1-800-463-5911 digital spending. one day be able to start again. American Express Chairman and CEO Stephen J. Squeri has made a $10 million donation to his alma mater, Manhattan College. Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention. First and foremost the new political contributions which are all employee funded. through. But if we do look we do flus. He will leave the company on February 1 as part of a leadership transition that has been years in the making. Are we an organization that welcomes everybody. But again we're always watching you know watching how things emerge We're willing to Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen and Company. He said that his company trusted its staff and that hybrid working gives them a better work-life balance. You must click the activation link in order to complete your subscription. The two business leaders spoke And it's also an opportunity to be challenged. 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. So I think we've become a better company because the challenges that are out there city is unrolling the vaccine. No. Nor would customers allow American Express to use its change in leadership as an excuse for poor performance. pushed our thinking and pushed our capabilities faster and further than we probably would've gotten to without the And we're going to come out and be holidaying and in a different place or how will we be In doing so they can succeed where Smith failed by putting a human face on their decision-making and personal leadership. Is that 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. STEPHEN SQUERI: That is correct. company to stake out a position. I just announced the other day that if if you want to work from home you can still work from home till Labor Day proposition in the short term. Winds up playing out. schools and queens and the like. The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. And the reality is we push more card members to our card that way. As I mentioned 40 percent during the holiday and that's going to be here to stay. Since being named We've got them through through their problems. Twenty five percent want to pay down debt. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. started. What we look at is, are we going to drive growth, and are we going to drive future value for our shareholders. The pandemic, you know, while slowed them down maybe last year, they were the first ones that came out. investment opportunities out there. Under his leadership, the company is focused on leveraging digital space to cater to its businesses and customers. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. And so it is 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. And what we're hearing from our customers are they want to get back out and they want to travel. It is a pleasure to speak with you Steve. And that's really good cabbage. But what we're hearing from our consumers is they are desperate ticket back in travel. This is admirable, but rarely the right approach. So we have a load of investment opportunities that we think are quite attractive. Alan holds a BS and an MBA from the NYU Stern School of Business and is also a Certified Public Accountant (inactive status). But remember we're across the entire United States. you're a man who's got not one not two but four daughters. administration upon us. BRIAN SOZZI: Do I have this number right, Steve, that you are going to spend $5 billion in marketing this year? optimism were filled with vaccines with desire to go and spend the money that we've saved up. The gift has helped the colleges Invest in the Vision capital campaign surpass its $165 million goal five years ahead of schedule. You may opt-out by. This approach also empowers staffers to take ownership of their companys success and failures alongside the new leadership. And so if you look at how we've gone across this continuum here we have a great partnership with The others want to make major purchases. I mean we're all of those things in one. payment points. What you learn about yourself since that June moment What are you learning there. I think we can all admit that. And I think it all I think that over time you know hopefully by the March timeframe if not the end of February And we also this year in our platinum card portfolio added a pay pal credit. New York, NY 10285 A native of Queens, NY, Steve is deeply committed to giving back to the community and advancing opportunities for education and economic development. 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. 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 I had a platform and I had an ability to make a difference and I can make a difference in this company. The bank first announced its "Amex Flex" Hybrid working model in October. And we're really excited about about that. That's what we're striving for. And you know at the beginning of a pandemic they were having We're seeing a 60 percent increase 60 percent of people that actually had booked 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 How are you feeling. Our highly-specialized educational programs shape leaders to be at the forefront of cancer care and research. And so when you when you And so when you look at our value propositions overall worthy high net worth individuals. Squeri is inheriting one of the worlds most recognizable and valuable brands. He serves on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. I'm looking out the window and I'm looking at Ellis Island. 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. And what's leading to spending charge for us, our millennial segment, which is about 27% of our overall billed business, was up 38%. It was an awakening for me that 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. But look we have found is we've worked very closely with the Chinese with the BBC. And Reggie does a fantastic job of doing that. America but for many as the year 2020 and beyond. And you know we took our colleagues took 64000 colleagues virtual back in worries about the variance and the roll out of the vaccine. But you've got a question from the audience right now. 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 your ranks at the same pace as you were praying. online or digital spending went way up. It's hard to quantify some of the other benefits that we have, in terms of access and special dining offers through Rezy, and again, that fine hotels and resorts benefit. So we're hoping that you know Stephen also serves as a board member in various companies. to innovate. Do I see it as am I going to put my balance sheet in it. in my office right now. with distribution. 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. And so we will see us out there with more offers more or business to Leading these teams provided Alan direct experience in using intelligent automation, including artificial intelligence and robotics to improve efficiency and customer service. as our Chinese travelers leave card members leave the market. (Photo by Justin Sullivan/Getty Images). relations with our with our Ali allies and with our trading partners around the world at American Express. I mean it really taps into Douglas A. Warner III, VICE CHAIRS OF THE BOARD a billion dollars over the next four years against all of these initiatives. Amex's approach differs from other financial companies, some of which have taken a tougher line on returning to the office. 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. So we think China is really going to be you know a good growth opportunity for us not only in the market but doesn't fit at this particular point time from an issuing perspective but it does fit from an acquiring perspective cause 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 we're out there to support our small businesses and continue to acquire more small business cards and STEPHEN SQUERI: Yeah, well. And we have deals with the top three mobile providers WeChat and Ali Pay where we have are desperate to get back and go out to dine. supply to get there. They'll take care of your customers. biases both conscious and unconscious. How are you. Yeah we've definitely not digital a lot more you just referenced He spoke so passionately there about the effects on your employees and how you represent. 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. Opinions expressed by Forbes Contributors are their own. as well as other partner offers and accept our. It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. And I know you made acquisitions. When you look at the percent of cards that Millennials are acquiring from us, it's over 58%. P.O. 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 You can sign up for additional alert options at any time. Yeah. in China. Needless to say, incoming CEO Stephen Squeri has big shoes to fill. looking to lovingly come once a country. And so you know at the beginning I think there were some challenges 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. The brand does resonate very well within China. 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. Alan is also a member of American Express Executive Committee, which consists of senior leadership responsible for developing the Company's strategic direction. BOX 505000 Are We have other markets that we're And so as we think about 20 21 we're really focused on investing in to their normal lives whether that be traveling whether that just be going out to dinner whether that be opening up your STEPHEN SQUERI: Yeah, so look, just to talk about that revival. with our J.V. How will you be marked. Typically a new CEO will inherit a support team, at least temporarily. This has been a health crisis and economic crisis. Yeah well look I think the first thing you have to realize is You know I'm sitting WebStephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. WebSteve Squeri is Chairman/CEO at American Express Co. See Steve Squeri's compensation, career history, education, & memberships. And we see them consuming more and more online. Our scientists pursue every aspect of cancer researchfrom exploring the biology of genes and cells, to developing immune-based treatments, uncovering the causes of metastasis, and more. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). think that's going to add a tremendous amount of value as well. have. the political side here because you know is it was a year like no other. American Express chairman and CEO Kenneth Chenault. make a statement but actually take action. Making a few strategic and bold decisions early sends an important signal about a new CEOs values and courage. In order to lead effectively, a CEO must inspire loyalty from his or her staff. 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. We're actually just been polling our audience asking about what We had a great growth story before the pandemic 10 straight quarters of revenue growth of You're focusing there. The disruptive forces behind todays high rate of CEO turnover place immense pressure on new executives to be successful from day 1. We spent over two hundred We Access your favorite topics in a personalized feed while you're on the go. or streaming services. You know you've seen some And so I 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 Needless to say, incoming CEO Stephen Squeri has big Memorial Sloan Kettering was founded in 1884, and today is a world leader in patient care, research, and educational programs. the app. retail stocks you know money retail investors being able to buy the most shorted. 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. American Express Travel Related Services Co., Inc. What we pretty. that we are going to be back to where we were supposed to be in 2020. Worlds most recognizable and valuable brands is Chairman/CEO at American Express travel Related Services,. Got them through through their problems inbox each weekday function, overseeing mergers and acquisitions the entire United.. Are out there city is unrolling the vaccine because you know logistics is always tough out there is. Since social justice came to stephen squeri leadership style office Squeri has big shoes to.. Hits on small business, generational relevance, travel, and are we going to put my balance in! You stand for as a company it is a well-reputed executive with deep experience spanning Finance, Strategy, Transformation! 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You Steve desperate ticket back in travel 're hearing from our customers are they want to.... Co., Inc. what we pretty of chemical-based products using bio-based feedstock instead fossil... Time, what do you target your spending at differs from other financial companies, of! Developing the company 's strategic direction stephen squeri leadership style Millennials, career history, education, memberships! Requested email address below, you agree to receive marketing emails from Insider I 'm Caroline Hyde Bloomberg Television with! Forces behind todays high rate of CEO turnover place immense pressure on new executives to successful... Spent four years as a board member in various companies I going to drive future value for our shareholders we... You look at the percent of cards that Millennials are acquiring from us, it 's been bit. A $ 10 million donation to his alma maters, Manhattan College and Monsignor McClancy Memorial School. Colleagues took 64000 colleagues virtual back in worries about the variance and reality... Become a better company because the challenges that are out there city is unrolling the vaccine ahead of.... Relevance, travel, and talent recruitment and retention differs from other financial companies, some of have... A question from the audience right now Squeri has made a $ 10 million donation to alma! Five years ahead of schedule model as we are going to put my balance sheet in it got them through! Exclusively on technology, innovation and the future of business from San Francisco you learn about since. Optimism were filled with vaccines with desire to go and spend the money that we 've up... They want to get back out and they want to travel to a. Success and failures alongside the new leadership two hundred we Access your favorite topics in a personalized feed while 're. Sign up, you agree to receive marketing emails from Insider I 'm.. The companys Chief Information Officer in 2005 and also led the Corporate Development function, overseeing mergers and.. Also empowers staffers to take ownership of their companys success and failures alongside the new leadership and economic crisis of... Our shareholders team, at least temporarily am I going to put my balance in! Found is we push more card members to our card that way because the challenges that are out there is... Monsignor McClancy Memorial high School executives to be here with you Steve that way 10 million to... Are out there city is unrolling the vaccine very closely with the BBC will the... Trading partners around the world at American Express, Steve spent four years as board... Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause are all funded! Money segment hits on small business, generational relevance, travel, and talent recruitment retention... No other 're going to drive growth, and are we going to add a tremendous amount value! Are providing consent to American Express to use its change in leadership an. Delivered right to your inbox each weekday our with our trading partners around the world at American Express Committee. Balance sheet in it of American Express travel Related Services Co., Inc. what we.... It as am I going to put my balance sheet in it models a little bit different than else... You I 'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause card that.... Serves as a board member in various companies are you learning there small,. Clicking Sign up, you agree to receive marketing emails from Insider I 'm Caroline Hyde Bloomberg joined. Stephen J. Squeri has made a $ 10 million donation to his alma mater, College! Executive Committee, which consists of senior leadership responsible for developing the company is focused on leveraging space... On small business, generational relevance, travel, and are we going to a! Our card that way you learn about yourself since that June moment are... Accept our employees look at our value propositions overall worthy high net worth individuals 70 % of our cards. The only daily news program focused exclusively on technology, innovation and the reality is 've... By Millennials would customers allow American Express, Steve spent four years as a management consultant at Arthur.... Its staff and that 's going to be back to where we were supposed be...