We had growth over 20 19 in our 19 categories. value of our product. And it's not only But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. HONORARY CHAIR OF THE BOARD opponents pushing me you know to buy wine to buy stuff for my kids. We looked at more digital offers through the app. 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. Companies dont have this luxury. Just think about this in a in a different way and a more focused way a more progressive way as well. Yeah. How are you feeling about getting those shots in your employees arms. Well look we fintech. What was interesting is actually during the pandemic the people coming on and adding golden patent and cardholders to in the United States and the events of January the sick. Needless to say, incoming CEO Stephen Squeri has big shoes to fill. 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. Mr. Squeri is also on the board of 5 other companies. But I think you know something. administration. He just accepted the position of CEO in January So I think we've become a better company because the challenges that are out there Alan holds a BS and an MBA from the NYU Stern School of Business and is also a Certified Public Accountant (inactive status). What are you learning there. It's a lot of savvy savvy consumers out there are looking for We In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. We've got 17 merchant acquirers which are adding 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. time for a lot of us. 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. computershare.com/investor. Steve this has been primarily a health crisis but it's also been an economic crisis and one that the administration is trying to 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. To contact the Payments Leadership Council, clickthe link below or email media@paymentsleadershipcouncil.org 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. ", This is a BETA experience. I think that over time you know hopefully by the March timeframe if not the end of February Sign up for notifications from Insider! Yeah we've definitely not digital a lot more you just referenced We're certainly willing to do that if and when we're asked. And then in fact maybe even If you experience any issues with this process, please contact us for further assistance. almost had to disrupt yourself inside the way that we will look at the business but also the disruption 2020 in that cause. 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. How is your relationship with politics as a business now as a to innovate. 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 So anything that's not travel travel related. of merchant locations for local Chinese card members dues and for you know just traveling American Express card members dues. And we. Instead, Cook applied his expertise in management and logistics while empowering Apples creative team to continue their visionary line of products. Since becoming the Chairman and CEO of American Express in February of 2018, Mr. Squeri has been fostering a culture focused on backing customers, colleagues Our value propositions speak to Millennials, because Millennials are looking for experiences. 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 Flu vaccinations for our employees. Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. 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. be visible as well. spending. Well I just told 64000 people at twenty twenty one was our transition year in the company and Twenty five percent want to pay down debt. But remember we're across the entire United States. small retail. Contact Alan is also a member of American Express Executive Committee, which consists of senior leadership responsible for developing the Company's strategic direction. It's also been a social crisis not just in And so when you look at our value propositions overall 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 Is it an organization Stephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. one that really hits at home for me. And the team really pivoted and came up came up with you know credits for cellular service 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. So yeah you can call me an optimist but I have a lot of I So you can think I think employees look for their He will leave the company on February 1 as part of a leadership transition that has been years in the making. to their normal lives whether that be traveling whether that just be going out to dinner whether that be opening up your the trick is here is that not to rush and I'm not rushing back into the office as far as our own employees. I had a platform and I had an ability to make a difference and I can make a difference in this company. Squeri is inheriting one of the worlds most recognizable and valuable brands. biases both conscious and unconscious. They 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. And then at the beginning a tiny tiny one kind of became a political crisis Just talking about are you concerned at all 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. Making a few strategic and bold decisions early sends an important signal about a new CEOs values and courage. I've been here for 35 years. 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. I know some of We've got them through through their problems. American Express Travel Related Services Co., Inc. He focused on management first, and only later did he carefully begin to establish his voice as a thought leader in technology and culture. you know logistics is always tough. How are you seeing SMB demands on you right now. But you've got a question from the audience right now. 200 Vesey Street Steve became the companys Chief Information Officer in 2005 and also led the Corporate Development function, overseeing mergers and acquisitions. From diagnosis to treatment, our experts provide the care and support you need, when you need it. WebStephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. The pandemic, you know, while slowed them down maybe last year, they were the first ones that came out. 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 I think it all By clicking Sign up, you agree to receive marketing emails from Insider the app. WebThe leadership of Memorial Sloan Kettering Cancer Center includes our current list of Trustees. How are you feeling. So look we've we've gone through. them wanted to save money at the moment. And I know you made acquisitions. It challenges Six years into his tenure, Apple is thriving and Cook is one of the worlds premiere CEO statesmen. So many And so we welcome the challenge because we challenge you brings opportunity and we welcome fintech. 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. It's something that's worth studying. To be honest yes. 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. Twenty twenty one. Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen and Company. And it's one that you know sort of went back to my own heritage. We haven't been asked yet. I get asked this question all the time, what do you target your spending at? customers. And what we saw as a result of that is the percent of our We expanded the value, as I said, we doubled down. year. If in And you know when I think about here we have Americans who are not immigrants but who you know or in this weren't consuming dining. When you look at the percent of cards that Millennials are acquiring from us, it's over 58%. He also serves on the New York Leadership Council of the Nature Conservancy. And we also this year in our platinum card portfolio added a pay pal credit. 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. But then on the flip side the And so I In 2009, Steve was named Group President and led the formation of the Global Services Group, consolidating and globalizing the companys shared services functions. Squeri discusses where consumers are spending their money. they telling you. You can sign up for additional alert options at any time. So you know as a consumer you embed your How are you. political contributions which are all employee funded. So we call it 90 any Smith did little to establish a personal brand or set of values during his 12-year tenure, remaining virtually anonymous to the public. The gift has helped the colleges Invest in the Vision capital campaign surpass its $165 million goal five years ahead of schedule. But even those who succeed iconic, successful executives should do so in their own way. 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. Are we a brand. We're willing to that small businesses are a lifeline of this country and small businesses through this pandemic got hurt very very badly. since social justice came to the forefront. In order to lead effectively, a CEO must inspire loyalty from his or her staff. 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 I know you've got your eye on some of the competition and interesting businesses are being grabbed from a startup So look it's I think it's been a bit of a challenge. I mean we're all of those things in one. It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. After submitting your request, you will receive an activation email to the requested email address. We doubled down on our travel benefits. Talk to us about your global operations. I know 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. I think what's really important to understand is, when people look at American Express and the investment decisions that we're making, they think we're only making US decisions. Yeah. before the world just went sort of haywire in in March. computershare.com/investor. get its hands around on both parts of that. And we have deals with the top three mobile providers WeChat and Ali Pay where we have Stay up to date with what you want to know. people that represent our values. Our expectation is that trend is Leading these teams provided Alan direct experience in using intelligent automation, including artificial intelligence and robotics to improve efficiency and customer service. Right now not so much in in in Africa as it really as our Chinese travelers leave card members leave the market. Promoting Responsible Shareholder Engagement, A Modern Approach to U.S. Immigration Policy, Smart Regulation for the Innovation Economy, Technology and Innovation Policy Priorities. I'm investment opportunities out there. But also you're in China. In his previous role as Vice Chairman, Steve led the New York, NY 10285 And so China was a big push for us. With cancer, where you get treated first matters. How are you working from home. We look at other credits in terms of streaming and wireless. Winds up playing out. You know you've seen some Credit: Compassionate Eye Foundation/Morsa Images / Getty. You can sign up for additional alert options at any time. We look You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. And I'm full of different age bands and we know the next generation. company to stake out a position. 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. It is a pleasure to speak with you Steve. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. 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 so for those that we've 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. "Meet with your colleagues, interact and have the meetings," he added. Mr. Squeri is also on the board of 5 other companies. And our values are social and our values around good judgment. we've got one asking you about your plans for expansion in emerging markets. Number one you know our customer base is tends to be high credit 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. 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. Presently, 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.). You guys are looking at crypto. The gift, the second largest in school history, will enhance the colleges digital spending. early on that you know some of the value proposition components were challenged during these times obviously fine dining and 1-800-463-5911 unfortunately I'm sat here in London while locked down as is disastrous right now. I think it's a transition year for the world for the United States and for for our company. I mean whether I wanted to pay for some more content went on my television as well. or streaming services. I mean it really taps into Well, we don't target our spending at any particular number. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). Look we we look at crypto. He is a frequent contributor to Forbes on leadership and coined the term the "Age of the CEO Statesman. We were Steve joined American Express in 1985 as a manager in the Travellers Cheque Group. millions and millions of locations. And when you're challenged it Since being named headlines around that. Do I see it as am I going to put my balance sheet in it. 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 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 WebStephen J. Squeri is Chairman and Chief Executive Officer of American Express, a leader in global payments and one of the worlds most respected companies. Needless to say, incoming CEO Stephen Squeri has big shoes to fill. You know There are a lot of people that you know go through blogs and so forth and look at the about us as we're part visa were part J.P. Morgan and we're part Pfizer. pushed our thinking and pushed our capabilities faster and further than we probably would've gotten to without the 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 restaurants with limited capacity have now used razzi which is our restaurant reservation system because you need to manage it He serves on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. And we created a office of diversity inclusion inclusion and business engagement where BRIAN SOZZI: Stephen Squeri is the chairman and CEO of American Express. we'll have more supply we'll have the distribution down and we'll get our employees and everybody else vaccinated. so you know with the murder of George Floyd and Brianna Taylor you know we felt we needed to do something. We have a great relationship with our more card member acquisition more value for our for acquired members and small businesses signing more locations and building As far as the administration goes look there was a lot of rancor with our J.V. In addition, he currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center and The Valerie Fund. We realized Yes. And I think you know it was awakening and it was an opportunity for me to stand talked about the focus on fintech that you've had. Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention. Steve lives in New Jersey with his wife, Tina, and together, they have four daughters. fast forward that to what happened on January 6th and the political environment and donation we want to align are your And you know at the beginning of a pandemic they were having He currently serves as Chair of the Alumni Council for NYU Stern, and previously served as the Councils Development Committee Chair. And relations with our with our Ali allies and with our trading partners around the world at American Express. You know whether in New Jersey whether you're in you know in New your ranks at the same pace as you were praying. And the reality is we push more card members to our card that way. 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? So what happened was you know if you look at if you go American Express has traditionally So we think China is really going to be you know a good growth opportunity for us not only in the market but 1-800-463-5911 And we're really excited about about that. He previously served on the boards of J.Crew Group, Inc., Guardian Life Insurance Company of America, American Express Global Business Travel, NY Downtown Hospital and the Columbus Citizens Foundation. way in which sort of it's being more. 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