American Express Co (AXP) said Chief Financial Officer Daniel Henry will retire as soon as a replacement is found, a process that could take "a couple of months."

"With our business, balance sheet and 2013 plans in strong shape, we decided that now was the right time to begin the transition," Chief Executive Kenneth Chenault said in a letter to employees released by the company.

Henry, 63, has been with American Express for 23 years and has served as CFO since 2007.

American Express launched a restructuring program in January that includes cutting about 5,400 jobs, or 8.5 percent of its workforce.