Effective immediately:

• The company's global consumer, small business and network businesses will report to Edward P. Gilligan, vice chairman. Mr. Gilligan had previously led the global Business to Business Group.
• A new Global Services organization that includes company-wide customer service, technologies, operations, business processing and information management will report to Stephen J. Squeri, who has been promoted to group president. Mr. Squeri has been in charge of Technologies and Corporate Development.
• A new Enterprise Growth organization is being created to leverage existing assets, generate incremental fee revenue and drive the company's entry into new payment areas and related businesses. A senior level executive from outside American Express is being recruited to head this organization.

Each of these executives will report to Kenneth I. Chenault, chairman and chief executive.

• With Mr. Gilligan taking on additional responsibilities, Anré Williams, president, Global Commercial Card, and Charles Petruccelli, president, Global Business Travel will also report to Mr. Chenault.

Judson C. Linville continues as president and CEO, U.S. Consumer Services, reporting to Mr. Gilligan. He is responsible for the consumer card, Membership Rewards and consumer travel businesses in the company's largest market and for the prepaid card and travelers cheque businesses globally.

In addition, American Express announced that president Alfred F. Kelly Jr. has decided to leave the company early next year.

“In the context of discussions we have had about longer term plans for the organization, Al made clear to me that he wanted the opportunity to run a company as chief executive,” said Mr. Chenault. “Given my own plans for the coming years, we both agreed that was not likely to happen at American Express in the short term. Al concluded it did not make sense for him to be part of the new organizational structure, and that it was an appropriate time to look at opportunities outside of American Express. Until he leaves next year, Al will continue to lead our transition to a bank holding company.”

Mr. Chenault said: “American Express has a strong, experienced management team and a unique collection of assets. We have the right products for a new economy, a diverse set of payments businesses, an enviable customer base, a powerful global brand and an extraordinary team of employees dedicated to providing exceptional customer service. Furthermore, we have a number of terrific opportunities for growth and a set of winning strategies to help us capitalize on them. The new organizational structure I am announcing today will help us realize the full potential of these assets and ensure that American Express continues to be a leader in global payments.”

Additional details on the organizational changes as well as the company's business strategies and priorities are outlined in a memo to employees.

American Express is a leading global payments and travel company founded in 1850. For more information, visit www.americanexpress.com.