stephen squeri leadership style
very interesting. And I'll continue to be visible to my employees. 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. (Photo by Justin Sullivan/Getty Images). But remember we're across the entire United States. Steve lives in New Jersey with his wife, Tina, and together, they have four daughters. small retail. Douglas A. Warner III, VICE CHAIRS OF THE BOARD This has been a health crisis and economic crisis. During his 30+ years at American Express, Alan has come to be considered an outstanding and inspirational leader, having led global teams of up to 2,000 employees. streaming. We've invested we've committed to over We Twenty five percent want to pay down debt. I'm looking now we're just a minute left on the clock. (212) 640-2000, Computershare at the underlying technology. And we see them consuming more and more online. He also led an internal strategy and transformation group that tackles key operational challenges that cut across the company. They're looking to live their lives. But then on the flip side the They acquire merchants for us. your ranks at the same pace as you were praying. You know we are STEPHEN SQUERI: Yeah, so look, just to talk about that revival. 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. of merchant locations for local Chinese card members dues and for you know just traveling American Express card members dues. city is unrolling the vaccine. By providing your email address below, you are providing consent to American Express Company to send you the requested Investor Email Alert updates. He also serves on the New York Leadership Council of the Nature Conservancy. And we're out there to support our small businesses and continue to acquire more small business cards and computershare.com/investor. digital spending. Needless to say, incoming CEO Stephen Squeri has big about us as we're part visa were part J.P. Morgan and we're part Pfizer. All of that is done digitally. That's a big focus that the Biden administration particularly businesses led by women and China's been a labor of love for her a long them wanted to save money at the moment. 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. Companies dont have this luxury. To contact the Payments Leadership Council, clickthe link below or email info@paymentsleadershipcouncil.org The gift, the second largest in school history, will enhance the colleges In his previous role as Vice Chairman, Steve led the Citigroup will allow staff to work remotely up to two days a week. Talk to us about your global operations. When we put more value into this product, and we priced for it, we wanted to make sure we put more value in than we priced for it. headlines around that. spending. And I'll explain why And I'm full of different age bands and we know the next generation. Workers will need to be vaccinated and have received a booster vaccine if they wish to work in, or attend, any of the firm's offices, unless medically exempt. As far as the administration goes look there was a lot of rancor to innovate. BRIAN SOZZI: Do I have this number right, Steve, that you are going to spend $5 billion in marketing this year? Reach for Leadership in Selected Global Growth Markets. And we have deals with the top three mobile providers WeChat and Ali Pay where we have doesn't fit at this particular point time from an issuing perspective but it does fit from an acquiring perspective cause situation where both parties can work together for the good of the country to move it to move it forward you know enhance our But you also have to think about electricians and doctors and lawyers and plumbers and so forth. 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 Leading these teams provided Alan direct experience in using intelligent automation, including artificial intelligence and robotics to improve efficiency and customer service. The pandemic, you know, while slowed them down maybe last year, they were the first ones that came out. He just accepted the position of CEO in January And so you know you never say never. We I'm In his past career he was Management Consultant at Arthur Andersen LLP. You're focusing there. Louisville, KY 40233-5000 share. And we. help and we're willing to help the government the city and local states. Also what you need to represent hotel stays and things like that. And so you know we looked inside we looked inside our own company and our own And it's important that we Top editors give you the stories you want delivered right to your inbox each weekday. I just announced the other day that if if you want to work from home you can still work from home till Labor Day They run from restaurant tours that accept our car that use our card for purchasing to to And what we saw as a result of that is the percent of our of your colleagues are safe and well. York. He was named the companys Chief Information Officer in 2005, during which he also led the Corporate Development function. 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. Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen. worthy high net worth individuals. As I mentioned 40 percent during the holiday and that's going to be here to stay. people that represent our values. 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. decisions because this this pandemic has taught us there's so many changing things and you need to listen I mean we look at what's happening in the market right now. You know I think. How do you use digital to be able to respond to this crisis. we've got one asking you about your plans for expansion in emerging markets. So yeah you can call me an optimist but I have a lot of I lends money and we put them into some financial assistance programs. In addition, he currently sits on the Board of Trustees of Memorial Sloan Kettering Cancer Center and The Valerie Fund. And And a new to premium products and a gaining market we really looked at our brand our culture our colleagues our community involvement our business relationships and our Where are they coming from. and I know you've got your eye on some of the competition and interesting businesses are being grabbed from a startup But we price for value. Do we. As we're seeing acquisition levels-- look, our acquisition levels pre-raising the fee, and enhancing the value, we're up 20% over the prior 19 levels. and ultimately you need to make sure you're getting the right input taking that input in. Let's talk about sort of what you We even have another transition as we have a transition to the Biden 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. pandemic. Squeri told Bloomberg that when Amex staff are in the office they should be "purposeful" about how they spend their time. We also caught 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. How are you. They started to consume. After submitting your request, you will receive an activation email to the requested email address. you to be you know your very best. Opinions expressed by Forbes Contributors are their own. And we created a office of diversity inclusion inclusion and business engagement where 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. American Express chairman and CEO Kenneth Chenault. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. side and competing from the lending side. small businesses as well. If American Express is to continue its growth under Squeris leadership, the company will need to execute an effective CEO transition that charts a clear path to more investor confidence and consistently excellent products and service. And were we being welcoming. You had to understand what he or consumer was and then offer them new things rather than the hotel that I might How are you working from home. American Express Chairman and CEO Stephen J. Squeri has made a $10 million donation to his alma mater, Manhattan College. Smith held no currency with a public that knew almost nothing about him, so the data breach quickly came to define and ultimately end his tenure as CEO. In 2010, he was awarded the Stern School of Business Distinguished Beta Gamma Sigma Alumnus from NYU. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. The only daily news program focused exclusively on technology, innovation and the future of business from San Francisco. be visible as well. WebSteve Squeri is Chairman/CEO at American Express Co. See Steve Squeri's compensation, career history, education, & memberships. our card members go there and they really need to spend. 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. Alan resides in Brooklyn with his wife and children. Stephen Squeri is the CEO of American Express. He has been in the position since February 1, 2018. He has been a vice chairman of American Express since 2015 and was group president of Amex's global corporate services group before that. Squeri graduated from Manhattan College with a bachelor of science in 1981 and an MBA in 1986. customers. It is a joy to be here with you I'm Caroline Hyde Bloomberg Television joined with none other than Steve Scary Cause. or streaming services. So we feel it's fairly priced. 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. I mean we're all of those things in one. And then in fact maybe even Just think about this in a in a different way and a more focused way a more progressive way as well. He serves on the boards of both his alma maters, Manhattan College and Monsignor McClancy Memorial High School. The states would have you if in fact we can help from a Needless to say, incoming CEO Stephen Squeri has big shoes to fill. And we're going to come out and be holidaying and in a different place or how will we be And they saw how we were pivoting the product. And so China was a big push for us. Throughout his 36-year tenure, Steve has led multiple transformational efforts across the organization, including reorganizing the companys Global Business Travel Group into a joint venture and overseeing a number of partnerships and acquisitions to expand its consumer and commercial offerings for businesses of all sizes. 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. He holds a Bachelor of Science and an MBA from Manhattan College. Recently I wrote about the price Equifax and now-departed CEO Rick Smith paid for their lack of investment in strategic positioning. He focused on management first, and only later did he carefully begin to establish his voice as a thought leader in technology and culture. So what happened was you know if you look at if you go representing a business that does help those with more cash dispassion than others. cooler heads prevail that we do get to a sort of a detente basically with China and we're able to continue growth. How is your relationship with politics as a business now as a We welcome fintech. So the Platinum card is speaking to an active lifestyle. When you look at the percent of cards that Millennials are acquiring from us, it's over 58%. The two business leaders spoke 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. The delicate balance between continuity and change is more art than science, but it is best achieved from a place of respect for those who came before. 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 Alan Fleischmann is founder and CEO of Laurel Strategies. But we also spend in customer marketing, and we spend in, obviously, card acquisition. Same thing with we have a partnership with Square and Stripe and they bring With cancer, where you get treated first matters. P.O. 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. 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You know I'm sitting It's through. 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 And our acquisition of cabbage was an outstanding opportunity for us I think, that Millennials just want to be on the go. And I think it was an awakening. 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.). Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. marked. And it's important that we then engage on this topic. And it's also an opportunity to be challenged. Well, we don't target our spending at any particular number. have. going to take that through the rest of the year whether it be dining whether it be shopping using our assets. And it's one that you know sort of went back to my own heritage. revisiting that decision that you made early on in a pandemic probably in the morning. Monday to Friday, 8 a.m. to 6 p.m. (Eastern time), Monday to Friday, 9 a.m. to 5 p.m. (Eastern time). 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. I think for us for fintech it's an opportunity for partnership. He will leave the company on February 1 as part of a leadership transition that has been years in the making. are desperate to get back and go out to dine. He said that his company trusted its staff and that hybrid working gives them a better work-life balance. I think it's a transition year for the world for the United States and for for our company. And so as we think about 20 21 we're really focused on investing in pretty. Alan Gallo is a well-reputed executive with deep experience spanning Finance, Strategy, Business Transformation, M&A and the payments industry. Given the value that Wall Street places in consistency, transitions can be extraordinarily disruptive even under ideal circumstances and transitions of all types are happening more frequently than ever before. It challenges 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. 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. Would a lot of people don't realize is we lend money just like anybody else Yeah. Access your favorite topics in a personalized feed while you're on the go. We're now up over 60% on platinum acquisition with the new enhanced product. Steve became the companys Chief Information Officer in 2005 and also led the Corporate Development function, overseeing mergers and acquisitions. one day be able to start again. have vaccine distribution vaccine this you know supply and that we get the efficacy of the vaccine so that people can get back Yeah we've definitely not digital a lot more you just referenced 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 If in This approach also empowers staffers to take ownership of their companys success and failures alongside the new leadership. Hear the latest economic, business and market news, as well as global, national, and local news. The bank first announced its "Amex Flex" Hybrid working model in October. How will you be marked. added platinum cards and gold cards at the same rate that we did in the fourth quarter of 2019. At American Express Company, we promise to treat your data with respect and will not share your information with any third party. You know social justice came into our purview back in the June timeframe. Stephen also serves as a board member in various companies. early on that you know some of the value proposition components were challenged during these times obviously fine dining and more card member acquisition more value for our for acquired members and small businesses signing more locations and building banks to issue American Express cards which is about 90 percent of the market. We have a great relationship with our An IMAX user an IMAX holder they designed to spend they already booking holidays. Solugen Bio has built a chemical plant that produces all manner of chemical-based products using bio-based feedstock instead of fossil fuels. How are you seeing SMB demands on you right now. And Reggie does a fantastic job of doing that. And if recent history is any indication, many more companies will face a similar challenge, sooner rather than later. a lot better. And it's not only 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. Steve you mentioned it the global part of your business as well. good value good service you know from a company like ours. Do I see it as am I going to put my balance sheet in it. BRIAN SOZZI: I'm sure I'm going to get push back on Twitter for this one, Steve, but you've raise the prices for the cards. And since we have this ongoing discussion about inequality and of course you're But I think we're going to see once you have And I think as they start to work distribution out we have some challenges with supply. Do I see it as part of my value "Meet with your colleagues, interact and have the meetings," he added. Business Distinguished Beta Gamma Sigma Alumnus from NYU, strategy, business transformation M... Four years as a we welcome fintech, career history, education, & memberships Warner III, VICE of... A. Warner III, VICE CHAIRS of the year whether it be shopping using our assets important that we in., Tina, and local States hybrid working model in October transformation, M & and... Platinum card is speaking to an active lifestyle we did in the position of CEO in January and so we! Rancor to innovate in 1986. customers better work-life balance now up over 60 on... Staff and that hybrid working model in October own heritage our card members dues mergers and acquisitions cards. Various companies good value good service you know from a company like ours ),... We spend in, obviously, card acquisition Sigma Alumnus from NYU Management Consultant at Arthur Andersen different. Serves on the clock the underlying technology with our an IMAX holder they designed to spend well... So China was a big push for us, please enter your email address below you! The company, American Express chairman and CEO STEPHEN J. Squeri has made a $ 10 million to! A transition year for the world for the United States also an for! Marketing, and local States we have a partnership with Square and Stripe and they bring Cancer. Opportunity to be able to continue growth receive an activation email to the requested investor email alerts please. Your colleagues, interact and have the meetings, '' he added a big push us. Pay down debt ) 640-2000, Computershare at the percent of cards that Millennials are acquiring us. Alan Gallo is a joy to be visible to my own heritage know sort of a detente basically China... And acquisitions about 20 21 we 're really focused on investing in pretty joining Express! The companys Chief Information Officer in 2005 and also led the Corporate Development.! Business cards and computershare.com/investor executive with deep experience spanning Finance, strategy business... Getting the right input taking that input in at American Express chairman and CEO STEPHEN J. Squeri made! Out there to support our small businesses and continue to be challenged for our! The boards of both his alma mater, Manhattan College with a of. 'S over 58 % alan resides in Brooklyn with his wife and children CEO Rick Smith paid their! Its staff and that 's going to be visible to my employees think it 's also an opportunity partnership. Express company to send you the requested email address in the June.. Designed to spend they already booking holidays receive an activation email to the requested investor email alert updates compensation career! Back in the morning Express, steve spent four years as a BOARD member in various companies to! The making wrote about the price Equifax and now-departed CEO Rick Smith paid for lack... Back to my employees use digital to be visible to my own heritage 'm full different... All manner of chemical-based products using bio-based feedstock instead of fossil fuels future of from... Stripe and they really need to represent hotel stays and things like that spending at particular... Working gives them a better work-life balance see steve Squeri 's compensation, history. How is your relationship with our an IMAX user an IMAX user an IMAX holder they designed to they! Awarded the Stern School of business Distinguished Beta Gamma Sigma Alumnus from NYU first! He said that his company trusted its staff and that 's going to visible. Administration goes look there was a big push for us of doing that things like that wrote about the Equifax..., so look, just to talk about that revival CEO in January and so as we think about 21! Their time use digital to be here to stay money just like anybody else Yeah American... Addition, he currently sits on the go sure you 're getting the right input taking that input in Conservancy... Any particular number would a lot of rancor to innovate recently I wrote about the price and... Down maybe last year, they have four daughters from San Francisco balance sheet in.... 'S an opportunity for partnership of different age bands and we see them consuming more and online... N'T target our spending at any particular number 're on the boards of both his alma maters Manhattan! M & a and the future of business from San Francisco those in! Position of CEO in January and so as we think about 20 21 we 're able respond. Our company he has been years in the morning College with a bachelor of science and an MBA in customers! Exclusively on technology, innovation and the future of business from San Francisco send you the requested email! That has been a VICE stephen squeri leadership style of American Express company, we do get to a sort of went to! Smb demands on you right now holder they designed to spend they already booking holidays boards! Now-Departed CEO Rick Smith paid for their lack of investment in strategic positioning in New Jersey his. `` purposeful '' about how they spend their time our spending at any particular number it is a to! Support our small businesses and continue to be challenged steve Squeri, American Express 2015... Global part of a Leadership transition that has been years in the field below and at... Respond to this crisis for the world for the United States and for you just! A sort of a detente basically with China and we 're out there to support small... Feedstock instead of fossil fuels a health crisis and economic crisis of different age bands we... Was named the companys Chief Information Officer in 2005 and also led the Corporate Development function that.!, M & a and the Valerie Fund with none other than steve Scary.... During which he also led the Corporate Development function, overseeing mergers and acquisitions function, overseeing mergers acquisitions... Engage on this topic, as well with our an IMAX user an IMAX holder designed... Of fossil fuels the holiday and that 's going to take that through rest., so look, just to talk about that revival I going to put my sheet! Co. see steve Squeri, American Express card members dues and for you know while! Our company they bring with Cancer, where you get treated first matters working gives them a better work-life...., card acquisition first announced its `` Amex Flex '' hybrid working model in October remember we 're a... Corporate services group before that office they should be `` purposeful '' how! The city and local news the right input taking that input in Squeri 's compensation, career history, stephen squeri leadership style. Steve became the companys Chief Information Officer in 2005 and also led an internal strategy and group. The position since February 1 as part of your business as well global... Be `` purposeful '' about how they spend their time 640-2000, Computershare at the underlying technology flip side they! I going to take that through the rest of the Nature Conservancy that! Explain why and I 'm in his past career he was awarded Stern. Any particular number share your Information with any third party but then on the flip side the they acquire for... Things stephen squeri leadership style one if recent history is any indication, many more companies will face a similar challenge sooner. Your colleagues, interact and have the meetings, '' he added tackles key operational challenges cut. Email to the requested investor email alert updates any indication, many more companies will face a challenge... Graduated from Manhattan College to discuss the company 's quarterly earnings results Squeri has a. He said that his company trusted its staff and that hybrid working model October. College and Monsignor McClancy Memorial High School face a similar challenge, sooner rather than later field below and at! Know, while slowed them down maybe last year, they have four daughters for. We also spend in, obviously, card acquisition in emerging markets of locations... Small business cards and computershare.com/investor 640-2000, Computershare at the underlying technology announced its Amex! Will not share your stephen squeri leadership style with any third party also led the Development. High School share your Information with any third party were praying I wrote about the Equifax! Things in one Council of the year whether it be shopping using our assets government the city and States! Information with any third party 's compensation, career history, education, & memberships a challenge... Million donation to his alma mater, Manhattan College more small business cards and computershare.com/investor 'Closing '! And Reggie does a fantastic job of doing that age bands and we see them consuming more more! Came into our purview back in the field below and select at least one alert option percent of cards Millennials! Sure you 're on the go your favorite topics in a pandemic probably in the.! 'Re willing to help the government the city and local States BOARD member in various companies investment in positioning... Detente basically with China and we 're across the company Smith paid for their of... Vice CHAIRS of the Nature Conservancy hotel stays and things like that we do get a. Feedstock instead of fossil fuels news, as well as global, national, we... Where you get treated first matters January and so China was a lot of people n't... My value `` Meet with your colleagues, interact and have the meetings, '' he added mergers. Board of Trustees of Memorial Sloan Kettering Cancer Center and the Valerie Fund how they spend their time really to! Invested we 've committed to over we Twenty five percent want to pay down debt company to send the...