Amex CEO Chenault stepping down
Oct 18, 2017, 3:26 pm
#1
Original Poster
Join Date: Sep 2015
Location: SFO
Posts: 3,881
Amex CEO Chenault stepping down
Chenault being replaced by Stephen Squeri, who previously ran its division in charge of corporate cards.
https://www.wsj.com/articles/america...358151?tesla=y
(Subscription required)
https://www.wsj.com/articles/america...358151?tesla=y
(Subscription required)
Oct 18, 2017, 3:38 pm
#2
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Bloomberg story (no subscription):
https://www.bloomberg.com/news/artic...hairman-squeri
https://www.bloomberg.com/news/artic...hairman-squeri
Chenault, 66, will stay on until Feb. 1,...The company’s share price has climbed 91 percent since Chenault took over as CEO, compared with the 9.9 percent advance of the S&P 500 Financials Index.
Oct 18, 2017, 3:39 pm
#3
Join Date: May 2002
Location: Arizona
Posts: 5,689
Wonder if Chenault is going to send an "advance team" to see which way he is going to exit the building like he did with Costco Corporate. Wonder if he is going to plan a Presidential library. Unbelievable arrogance is all I have to say.
Oct 18, 2017, 4:28 pm
#4
Join Date: Apr 2012
Location: SFO
Programs: AS MVP Gold 75K, UA Gold, Marriott LTT, Avis President's Club
Posts: 1,539
Hopefully we see some good change from this. I always thought AMEX should of kept the Platinum as-is (mainly perks) and introduced a seperate line for strong points earning (with minimal perks). That would help them compete against Chase better.
However, I'd love to see a strong points and perks card, even if it were 950/yr. I don't know how big that market is though.
However, I'd love to see a strong points and perks card, even if it were 950/yr. I don't know how big that market is though.
Oct 18, 2017, 4:38 pm
#5
Join Date: Sep 2011
Programs: Virgin Atlantic Silver, IHG Diamond, Bonvoy Gold, Hilton Diamond, AA Platinum Pro
Posts: 1,386
Hopefully we see some good change from this. I always thought AMEX should of kept the Platinum as-is (mainly perks) and introduced a seperate line for strong points earning (with minimal perks). That would help them compete against Chase better.
However, I'd love to see a strong points and perks card, even if it were 950/yr. I don't know how big that market is though.
However, I'd love to see a strong points and perks card, even if it were 950/yr. I don't know how big that market is though.
Oct 18, 2017, 7:38 pm
#7
FlyerTalk Evangelist
Join Date: Jul 2008
Location: IAH
Programs: DL DM, Hyatt Ist-iest, Stariott Platinum, Hilton Diamond
Posts: 12,792
Agreed. As much as part of me appreciates the relatively low net AF cost of the Platinum, that low net fee and especially the churnable no-AF first year Ameriprise card allows way too many people to justify the cost and have access to the benefits, namely the Centurion Lounges.
Oct 18, 2017, 10:17 pm
#8
Join Date: Mar 2017
Posts: 153
Reading "between the lines", I think Chenault fought to stay on longer than the board wanted him to. He wanted to leave while things were going well, and the stock has certainly rebounded nicely. I say this because customarily the outgoing CEO would stay on for awhile as chairman. I'm fairly certain Mr. Chenault's predecessor did.
Oct 18, 2017, 11:46 pm
#9
Join Date: Nov 2013
Location: PHX, SEA
Programs: Avis President's Club, Global Entry, Hilton/Marriott Gold. No more DL/AA status.
Posts: 4,422
Hopefully we see some good change from this. I always thought AMEX should of kept the Platinum as-is (mainly perks) and introduced a seperate line for strong points earning (with minimal perks). That would help them compete against Chase better.
However, I'd love to see a strong points and perks card, even if it were 950/yr. I don't know how big that market is though.
However, I'd love to see a strong points and perks card, even if it were 950/yr. I don't know how big that market is though.
Oct 19, 2017, 2:57 am
#10
Join Date: Apr 2012
Location: SFO
Programs: AS MVP Gold 75K, UA Gold, Marriott LTT, Avis President's Club
Posts: 1,539
I'd rather see them drop Uber and offer trip interruption/cancellation insurance for the $550 AF. It's pretty lame that a bank that owns an insurance company can't offer this perk on even one of their top travel cards in the USA. When not booking with Plat travel, I use my Costco Citi card which offers this insurance plus 3% cash back.
The strong point earnings and Uber credits can be a seperate line of cards (to compete with the CSR). As mentioned above, I'd take a card that had it all, even for a higher fee. We'll see.
Oct 19, 2017, 5:14 am
#11
Join Date: Nov 2016
Posts: 156
Oct 19, 2017, 6:40 am
#12
Join Date: Jun 2017
Programs: DL Gold, SPG/Marriott Gold
Posts: 171
I'd rather see them drop Uber and offer trip interruption/cancellation insurance for the $550 AF. It's pretty lame that a bank that owns an insurance company can't offer this perk on even one of their top travel cards in the USA. When not booking with Plat travel, I use my Costco Citi card which offers this insurance plus 3% cash back.
Oct 19, 2017, 9:38 am
#13
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,487
But many have long suspected that it is in fact the reason that Amex separately sells travel insurance that is precluding it from being included with the Plat/Centurion.
Oct 19, 2017, 1:05 pm
#14
Join Date: Nov 2013
Location: PHX, SEA
Programs: Avis President's Club, Global Entry, Hilton/Marriott Gold. No more DL/AA status.
Posts: 4,422
I'm pretty sure most of us feel this way. I don't even take advantage of the Plat's 5X points on airfare because I want the included travel insurance provided by other cards I have.
But many have long suspected that it is in fact the reason that Amex separately sells travel insurance that is precluding it from being included with the Plat/Centurion.
But many have long suspected that it is in fact the reason that Amex separately sells travel insurance that is precluding it from being included with the Plat/Centurion.
Oct 19, 2017, 9:41 pm
#15
Join Date: Jun 2017
Programs: DL Gold, SPG/Marriott Gold
Posts: 171
Well hopefully with the new CEO thing's will get better.