American Express CEO Ken Chenault stepping down

Business Leaders Reuters

(REUTERS)

Credit card issuer American Express Co (AXP) said on Wednesday long-time Chief Executive Kenneth Chenault will step down and will be replaced by Stephen Squeri.

Continue Reading Below

Net income attributable to common shareholders rose to $1.36 billion, or $1.50 per share, in the third quarter ended Sept. 30, from $1.14 billion, or $1.20 per share, a year earlier.

Total revenue, net of interest expense, rose 9 percent to $8.44 billion.

This is the first quarter without impact from the loss of AmEx's loss of its partnership with Costco Wholesale Corp <COST.O>.

 

(Reporting by Pallavi Dewan and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)

What do you think?

Click the button below to comment on this article.