HOUSE TO RETIRE FROM AMERICAN EXPRESS LATER THIS YEAR
NEW YORK, June 9, 2005 -- The following announcement is being issued here today in a letter to employees from Ken Chenault, chairman and chief executive officer, American Express Company:
"I am writing to tell you that our colleague, David House, group president, Global Network and Establishment Services and Travelers Cheque and Prepaid Services Group, has decided to retire from American Express later this year.
"Dave, who turned 55 late last year, has been talking with me for some time
about his desire to devote more time to community service, working with
venture capital start-ups and outside boards, and being with his family. The
business groups he leads have made great progress in recent years, and he
has decided that this is the right time to begin the next chapter of his
life.
"Dave’s decision comes at a time when our organization is in excellent shape;
we have clearly identified growth opportunities, strong momentum and
outstanding management depth. While I’ll miss him as a friend and member of
our leadership team, I fully understand and support his decision. Although
he will be leaving the company, Dave has agreed to continue working with me
and the rest of the senior leadership team in an advisory role to help build
additional GNS and merchant partnerships and to represent us on a number of
important regulatory and legal matters.
"Dave has had an extraordinary career at American Express. Throughout his
12-years at the company, he has done an exceptional job of building our
business, strengthening our partner relationships and developing our next
generation of leaders. He joined the company in 1993 as senior vice
president of Sales and Field Marketing for the U.S. Establishment Services
Group (ES). During his tenure, he secured a record number of agreements with
U.S. merchants to accept the American Express Card. From 1995 to 2000, Dave
was president of ES in the United States. In this role, he significantly
expanded the company’s presence outside of its traditional travel and
entertainment niche, and was responsible for signing major new retailers
such as Wal-Mart and Costco. He also played a crucial role in redeveloping
the company’s sales program so that it was better able to attract and retain
smaller establishments in the American Express franchise.
"Dave was named to his current position in June 2000, where he has been
responsible for leading the expansion of our merchant network around the
world, growing our network services business globally, opening our network
to third-party issuers in the United States and China, and expanding the
ways in which consumers can buy and use Travelers Cheques and other prepaid
products on a global basis. Most recently, Dave has played a leadership role
in building our GNS business in the United States, with the signing last
year of MBNA and Citigroup as partners, and this year’s additions of UBS/Juniper
and USAA. Prior to joining American Express, Dave held senior sales,
marketing and operations positions at several top brand name consumer
products companies, including Procter & Gamble, PepsiCo and Reebok,
International.
"Throughout his career, Dave has exhibited superb business judgment, high
personal standards, an ability to inspire people to achieve a strategic
vision, and a sense of fun and enthusiasm for taking on difficult
challenges. One of Dave’s most important contributions to our company is the
strong, experienced leadership team he has developed during his time here. A
number of our most talented, accomplished executives have been beneficiaries
of Dave’s coaching and development, and the company is stronger and better
positioned for the future because of the time and attention he has paid to
developing people.
"On a personal note, I was heavily involved in recruiting Dave to American
Express in the early 1990s. It was a difficult time for the company, and I
always appreciated that he was willing to take a risk and join us. I know
from our conversation at the time that he felt a strong affinity with the
values and culture of our organization. Dave has a strong sense of personal
accountability and an intense will to win. Because of that, in part, he
became a key member of our senior leadership team almost from day one, and
he has played an integral role in the success we’ve enjoyed during the last
decade. Like many others, I’ve benefited from his counsel and have admired
his ability to develop new talent.
"Dave will leave us in an excellent position in each of the businesses he
runs. We have strong relationships with service establishments and have been
expanding the roster of merchants who accept our cards at double-digit rates
over the past seven years. Similarly, we now have nearly 90 bank partners in 100
countries, and our business volumes from this network are growing at more
than 30 percent annually. Moreover, a revitalized Travelers Cheque and
prepaid card business is repositioned to grow in new markets in the years
ahead. That is an impressive record of accomplishment, but I know Dave takes
even more satisfaction from having helped to build a team of excellent
people at all levels of the organization.
"As I work to finalize plans for the new management team, Dave will continue
to lead his businesses and help ensure a smooth leadership transition.
"Please join me in thanking Dave for his outstanding years of service to our
company, and in wishing him continued success in all that he does. I know
that he will remain a great friend to me and to American Express for many,
many years to come."
American Express Company, founded in 1850, is a global travel, financial and network services provider.
