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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 27, 1995
AMERICAN EXPRESS COMPANY
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(Exact name of registrant as specified in its charter)
New York 1-7657 13-4922250
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification)
American Express Tower, World Financial Center
New York, New York 10285
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, (212) 640-2000
including area code --------------
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
On September 27, 1995, American Express Company issued the
following press release:
NEW YORK, September 27, 1995 -- The following letter from Harvey
Golub, Chairman and CEO, is being distributed publicly and to American Express
employees today:
"I am writing to let you know that Jeff Stiefler has resigned from his
positions as President and member of the Board of Directors of American
Express Company, effective at the end of the month. Jeff's resignation is
based on his long-standing desire to work at a less intense pace and in an
environment that allows him to spend more time with his family. He intends to
relocate to California and plans to pursue business opportunities in that part
of the country.
"Jeff has been a strong leader in a variety of positions during his
twelve years at American Express, most recently as President since June 1993.
At the time of his appointment to this position, we were engaged in several
critical tasks, including a massive effort to rebuild the TRS franchise, the
strengthening of Lehman Brothers to the point where we would have the option
of disposing of it under favorable circumstances, the re-establishment of our
credibility with the financial community, and a continuing effort to build our
IDS and American Express Bank businesses.
"When I was named Chairman as well as CEO in mid-1993, it was clear I
needed help in dealing with what was on my plate and the even larger job of
redefining American Express' businesses and culture. Jeff provided me with
continuous support in my day-to-day executive responsibilities during this
period. He helped senior executives across the company rethink their
businesses, identifying opportunities, reviewing alternatives and solving
problems. He also led the development of several new businesses, including
American Express Relationship Services, American Express Financial Services
Direct, and our growing "workplace" business. I want to thank him for his
many contributions on behalf of all of us at the company.
"Fortunately, our situation today is not what we confronted two years
ago and, more importantly, we now face our challenges with a very strong
senior executive group. We have established an Office of the Chief Executive
(OCE), with Vice Chairmen Ken Chenault, Chuck Farr, Jon Linen and myself.
This group is functioning in a highly cohesive way, providing effective
leadership to the business units and resolving issues that cut across the
businesses. I should add that Jeff played a key role in shaping the OCE,
helping to define its responsibilities and establish its internal processes.
The fact that it functions as smoothly as it does is in no small measure due
to his efforts.
"We have no plans to appoint a successor to Jeff as President or to
expand the OCE beyond its current membership. Regarding Jeff's specific
responsibilities, I have decided to allocate them in the following way:
oversight responsibility for American Express Financial Advisors and American
Express Bank will go to me, as will Technologies; American Express
Relationship Services, to Jon Linen; our developing "workplace" business, to
Chuck Farr; and companywide reengineering, to Ken Chenault. Jeff will be
working with us for a short time to help assure a smooth transition.
"I know you join me in wishing Jeff well as he pursues the next phase
of his professional career."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN EXPRESS COMPANY
By: /s/ Stephen P. Norman
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Name: Stephen P. Norman
Title: Secretary
Dated: September 28, 1995
