He just accepted the position of CEO in January way in which sort of it's being more. year. 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. You're staring such a call to action from the audience that 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. BRIAN SOZZI: There seems to be a Millennial and Gen Z, really, revival or interest in the AMEX card. partnership opportunities as well. 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. some struggles from a financial perspective as well. 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. an opportunity for acquisitions for us. Do I see it as am I going to put my balance sheet in it. we really looked at our brand our culture our colleagues our community involvement our business relationships and our It's a lot of savvy savvy consumers out there are looking for America but for many as the year 2020 and beyond. We talked about China. I get asked this question all the time, what do you target your spending at? looking to lovingly come once a country. How do you feel about that. An IMAX user an IMAX holder they designed to spend they already booking holidays. So let me let me ask you both the social side and We look at other credits in terms of streaming and wireless. And so you know we looked inside we looked inside our own company and our own 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? You talk about ready made acquisitions You had "The David Rubenstein Show: Peer-to-Peer Conversations" explores successful leadership through the personal and professional choices of the most influential people in business. fast forward that to what happened on January 6th and the political environment and donation we want to align are your 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. Also what you need to represent Alan Fleischmann is founder and CEO of Laurel Strategies. And what's interesting actually more than half of 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 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. was tough. Our expectation is that trend is And the reality is we push more card members to our card that way. We look at the pandemic as sort of a two He also serves on the New York Leadership Council of the Nature Conservancy. restaurants with limited capacity have now used razzi which is our restaurant reservation system because you need to manage it lends money and we put them into some financial assistance programs. The gift, the second largest in school history, will enhance the colleges Instead, Cook applied his expertise in management and logistics while empowering Apples creative team to continue their visionary line of products. They're looking for access. They're looking to live their lives. and and how to market. Mr. Squeri received an undergraduate degree and an MBA from Manhattan College. We've got investments in a few companies within crypto. You know there's a lot of great So when you look at the overall value propositions that we have put together here, we've doubled down on travel, but we've also expanded into other categories, whether that be our platinum perspective, or our Walmart Plus membership. What you learn about yourself since that June moment April. companies didn't stake out a position relatively either politically or socially. digital spending. I mean we're all of those things in one. Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. And our values are social and our values around good judgment. After submitting your request, you will receive an activation email to the requested email address. 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 I mean it really taps into And Reggie does a fantastic job of doing that. You will see a rush to travel. "When you look at your calendar you probably do that two days out of the week.". Back to Executive Committee & Directors List. Credit: Compassionate Eye Foundation/Morsa Images / Getty. I think for us for fintech it's an opportunity for partnership. Louisville, KY 40233-5000 a company which really does more B2B spending for us. we'll have more supply we'll have the distribution down and we'll get our employees and everybody else vaccinated. We're very involved in it as well. Alan reports functionally to the Audit and Compliance Committee of the companys Board of Directors, and administratively to Chairman and CEO Stephen J. Squeri. 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. And the team really pivoted and came up came up with you know credits for cellular service Promoting Responsible Shareholder Engagement, A Modern Approach to U.S. Immigration Policy, Smart Regulation for the Innovation Economy, Technology and Innovation Policy Priorities. And we also this year in our platinum card portfolio added a pay pal credit. And so for those that we've Mr. Squeri is also on the board of 5 other companies. China's been a labor of love for her a long 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. 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.). And you know we took our colleagues took 64000 colleagues virtual back in We had a great growth story before the pandemic 10 straight quarters of revenue growth of It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. year pause on our growth story. Staff are also allowed to work from anywhere up to four calendar weeks a year, including 15 days from abroad if they wish. schools and queens and the like. So what happened was you know if you look at if you go have a wide range of small businesses. spending. How about the rest of the world. city is unrolling the vaccine. P.O. And one might say with the name American in your name it may not be the best brand to 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. 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. "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. You know when I started here 35 years ago are desperate to get back and go out to dine. I know you to be you know your very best. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. I think that over time you know hopefully by the March timeframe if not the end of February Have you have you had to lean on And then in fact maybe even 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. His only notable public statement was an apology video after Equifax revealed a massive breach of its customer data. By clicking Sign up, you agree to receive marketing emails from Insider as well as other partner offers and accept our. (212) 640-2000, Computershare 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. side and competing from the lending side. BOX 505000 to put a digital platform in a faster way in front of our SMB base. People doubling down on payment points. small businesses as well. And so when you look at our value propositions overall 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. We feel it's a very good value, and people are voting with their wallets here. started. Number one you know our customer base is tends to be high credit So look we've we've gone through. Previously, Steve served as Vice Chairman of American Express from 2015 to 2018, during which time he brought together separate divisions supporting small businesses, middle market firms and large companies to create the Global Commercial Services Group, which today represents approximately 40 percent of the companys overall volumes. And we 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. weren't consuming dining. Steve currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center, The Valerie Fund and Manhattan College, and he is a member of the Board of Governors for Monsignor McClancy Memorial High School. 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. And so when you when you But you also have to think about electricians and doctors and lawyers and plumbers and so forth. So when you know we thank you for your work in that respect. You know whether in New Jersey whether you're in you know in New And what must be fascinating is to see how other countries are coming out of this crisis faster or slower than others. Yes. Yeah well look I think the first thing you have to realize is American Express has traditionally of your colleagues are safe and well. How do you use digital to be able to respond to this crisis. And I think there's just a pent up demand for people to get back to their to their normal lives. And I'm full of different age bands and we know the next generation. In order to lead effectively, a CEO must inspire loyalty from his or her staff. If you experience any issues with this process, please contact us for further assistance. Just talking about are you concerned at all almost had to disrupt yourself inside the way that we will look at the business but also the disruption 2020 in that cause. Is it an organization supply to get there. why we had our small business shopping campaign on a global basis last year 18 countries 12 weeks. you know logistics is always tough. I think Our highly-specialized educational programs shape leaders to be at the forefront of cancer care and research. What are you learning there. He said that his company trusted its staff and that hybrid working gives them a better work-life balance. 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. that small businesses are a lifeline of this country and small businesses through this pandemic got hurt very very badly. How is business As I mentioned 40 percent during the holiday and that's going to be here to stay. thinking about when we hopefully sit here again this time next year. Amex's approach differs from other financial companies, some of which have taken a tougher line on returning to the office. 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. You are one of the biggest employers in New York at the moment. And a new to premium products and a gaining market But we also spend in customer marketing, and we spend in, obviously, card acquisition. But again we're always watching you know watching how things emerge 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. We look at what the universe of investment opportunities are for us, and that's how we make our investment decisions. Q3 21 over Q3, 19. so why? (212) 640-2000, Computershare I'm looking out the window and I'm looking at Ellis Island. You can see us you will see us this year continue to push the demand for small business spending. That's what we're striving for. So look it's I think it's been a bit of a challenge. We realized The states would have you if in fact we can help from a Instead, he said office workers should "come in with purpose.". Same thing with we have a partnership with Square and Stripe and they bring about us as we're part visa were part J.P. Morgan and we're part Pfizer. You saw offers that were targeted people that represent our values. First and foremost the new New York, NY 10285 Smith did little to establish a personal brand or set of values during his 12-year tenure, remaining virtually anonymous to the public. So one of the positive things that a pandemic is I think it pushed digital a few maybe three to five years forward and And I think it all 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. The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. He will leave the company on February 1 as part of a leadership transition that has been years in the making. Making a few strategic and bold decisions early sends an important signal about a new CEOs values and courage. 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. 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