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American Express CEO Kenneth Chenault to Step Down
October 24, 2017
Kenneth Chenault, chairman and chief executive officer(CEO) of the largest card issuer in the US, American Express will step down from his position on February 1 next year, thereby ending a term that lasted for almost 17 years. He will be succeeded by vice chairman Stephen Squeri.
Chenault, who joined American Express in 1981, spent the last two years fighting for the company which lost an important partnership with Costco Wholesale that made for almost 8% of the spending on its cards.