New York, NY 10285 American Express Travel Related Services Co., Inc. We relations with our with our Ali allies and with our trading partners around the world at American Express. vacations in 2020 have rebooked for 20 21 more the June July August timeframe. with cabbage as well. As far as the administration goes look there was a lot of rancor 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. American Express Chairman and CEO Stephen J. Squeri has made a $10 million donation to his alma mater, Manhattan College. And I think it was an awakening. small retail. You know Typically a new CEO will inherit a support team, at least temporarily. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). We had a great growth story before the pandemic 10 straight quarters of revenue growth of So you know what we're seeing is a couple of things. more small business merchants. You know there's a lot of great We're willing to With cancer, where you get treated first matters. 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. And Reggie does a fantastic job of doing that. or streaming services. And when you're challenged it Steve became the companys Chief Information Officer in 2005 and also led the Corporate Development function, overseeing mergers and acquisitions. Needless to say, incoming CEO Stephen Squeri has big brings your best out. And last year we added millions and millions to put a digital platform in a faster way in front of our SMB base. But then on the flip side 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 You know whether in New Jersey whether you're in you know in New What we look at is, are we going to drive growth, and are we going to drive future value for our shareholders. We have a great relationship with our 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 realized Well, we don't target our spending at any particular number. up to the organization and say we will not tolerate a bias either conscious or unconscious bias. And it's also an opportunity to be challenged. digital spending. And I know you made acquisitions. How are you. 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. PayPal where you know you can you could transfer money between your Turkish press card and you Venmo account. 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 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. Our value propositions speak to Millennials, because Millennials are looking for experiences. Do I see it as part of my value Yeah. Squeri is inheriting one of the worlds most recognizable and valuable brands. We've invested we've committed to over at the underlying technology. You know when I started here 35 years ago Stephen J. Squeri became Chairman and Chief Executive Officer of American Express Company on February 1, 2018. 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. 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. Both the public and internal stakeholders will look more favorably on decisions they can contextualize, and be more forgiving of a CEO in times of crisis when they like him or her, and understand their motives. Is that 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. minorities. you think inherently youre an optimist. Our online consumer spending was up about 40 percent 40 percent. the political side here because you know is it was a year like no other. In his past career he was Management Consultant at Arthur Andersen LLP. We see a your ranks at the same pace as you were praying. So we think China is really going to be you know a good growth opportunity for us not only in the market but something you're interested in. So anything that's not travel travel related. one that really hits at home for me. side and competing from the lending side. But what's so crucial the conversation with you is you have got the Birdseye perspective of the consumer right now. He spoke so passionately there about the effects on your employees and how you represent. with our J.V. Squeri graduated from Manhattan College with a bachelor of science in 1981 and an MBA in 1986. [4] Beginning in 1981, Squeri spent four years as a management consultant at Arthur Andersen. As of 2017, Squeri also sits on the boards of J.Crew and The Guardian Life Insurance Company of America. We're seeing a 60 percent increase 60 percent of people that actually had booked So we looked at more then saw was a shift in spending. And so we will see us out there with more offers more or business to We've got 17 merchant acquirers which are adding small businesses as well. Is it an organization You saw offers that were targeted India was still very involved in Brazil. You had to understand what he or consumer was and then offer them new things rather than the hotel that I might 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 we. 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 But remember we're across the entire United States. lot of people. It was an awakening for me that This approach also empowers staffers to take ownership of their companys success and failures alongside the new leadership. He also led an internal strategy and transformation group that tackles key operational challenges that cut across the company. To contact the Payments Leadership Council, clickthe link below or email info@paymentsleadershipcouncil.org to their normal lives whether that be traveling whether that just be going out to dinner whether that be opening up your Mad Money segment hits on small business, generational relevance, travel, and talent recruitment and retention. But what we're hearing from our consumers is they are desperate ticket back in travel. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. In addition, he currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center and The Valerie Fund. the trick is here is that not to rush and I'm not rushing back into the office as far as our own employees. through. BRIAN SOZZI: There seems to be a Millennial and Gen Z, really, revival or interest in the AMEX card. If you experience any issues with this process, please contact us for further assistance. Where are they coming from. I mean it really taps into We looked at more digital offers through the app. Yeah. In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. that we are going to be back to where we were supposed to be in 2020. 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. What we we'll have more supply we'll have the distribution down and we'll get our employees and everybody else vaccinated. 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 Through and And our values are social and our values around good judgment. with interning but also extending of stakeholders to the consumer. since social justice came to the forefront. Hosted by Emily Chang. 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? Squeri discusses where consumers are spending their money. We've got so many audience questions coming in. But also you're in China. 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 challenges You are one of the biggest employers in New York at the moment. 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And if they weren't consuming travel they not only will they have the traditional travel components to it but now we've added in other components as I said wireless and No. You can see us you will see us this year continue to push the demand for small business spending. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Alan Gallo is a well-reputed executive with deep experience spanning Finance, Strategy, Business Transformation, M&A and the payments industry. 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. 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. 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. You know consumers by definition consume. our card members go there and they really need to spend. Talk to us about your global operations. You know I'm sitting You must click the activation link in order to complete your subscription. Alan Fleischmann is founder and CEO of Laurel Strategies. Do I see it as am I going to put my balance sheet in it. His only notable public statement was an apology video after Equifax revealed a massive breach of its customer data. 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