Kenneth I. Chenault appointed president and COO of American Express Company

Jet, March 17, 1997

Kenneth I. Chenault was recently named president and chief operating officer of the American Express Company. The appointment makes Chenault, 45, one of the highest-ranking Black executives in corporate America.

Chenault was also nominated for election as a member of the company's board of directors.

In making the announcement, American Express Company Chairman and Chief Executive Officer Harvey Golub said, "Ken has played a major role in building confidence in American Express, both inside and outside the company.

"Ken is also broadly recognized for his outstanding personal leadership qualities. He holds himself and others to the highest standards of integrity and demonstrates respect for people at all levels of the organization.

"He has mature and balanced judgment and always puts the interests of the company first. In return, he has earned the respect of the entire American Express community."

Golub added, "In short, Ken has a long and distinguished record of performance in continuously more challenging jobs. And he is the kind of leader whom people want to follow."

Chenault has been a vice chairman and member of the Office of the Chief Executive (OCE) since 1995. As the company's new president and chief operating officer, Chenault is in line to run the charge card company.

Said Chairman Golub, "My own plans are to continue to work in my capacity for another seven ears, when I reach 65. The challenges we face, the people who work here and the excitement of our prospects are too interesting for me to consider other options.

"Nonetheless, this move clearly recognizes Ken as the number two executive in the company and the primary internal candidate to succeed me when the time comes."

Chenault joined the American Express Company in 1981 as director of strategic planning. He was named President of the Consumer Card Group in 1989 and president of American Express Travel Related Services (TRS) in the U.S. in 1993, with responsibility for the Consumer Card Group, Consumer Financial Services, Travel Services Group and Establishment Services.

Chenault was named vice chairman of American Express Company in January 1995 and assumed additional responsibility for TRS International in April of that year. As vice chairman, he also joined the OCE, the company's senior-most management group.

He holds a juris doctor degree from Harvard Law School and a bachelor's degree in history from Bowdoin College. He also holds honorary degrees from Adelphi University, Morgan State University and Iona College. He received a doctor of humane letters from Stony Brook University, and a doctor of laws from Bowdoin College.

He and his wife, Kathryn, live in New York State with their two children.

American Express Company is a worldwide travel, financial service and network service provider.

It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking.