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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): April 26, 1999
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AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
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New York 1-7657 13-4922250
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation or Identification No.)
organization)
200 Vesey Street, World Financial Center
New York, New York 10285
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 640-2000
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 26, 1999 the Registrant issued a press release relating to its
chief executive officer succession plans described in a letter from Harvey
Golub, Chairman and Chief Executive Officer of the Registrant, to employees.
Portions of such press release are filed herein as Exhibit 99.1
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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 hereunto duly authorized.
AMERICAN EXPRESS COMPANY
(REGISTRANT)
By /s/ Stephen P. Norman
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Name: Stephen P. Norman
Title: Secretary
DATE: April 26, 1999
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EXHIBIT INDEX
Item No. Description
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99.1 Portions of press release of American Express Company dated April
26, 1999.
Exhibit 99.1
NEW YORK, April 26, 1999 --
"I am writing to tell you about my plans for retirement and how the
resulting chief executive officer succession will take place. I plan to continue
as chairman and CEO for two more years, until our annual meeting in April, 2001.
I have recommended, and our board of directors has agreed, that Ken Chenault
will succeed me and will be elected CEO at that time. I plan to remain as
chairman for about one more year after my retirement as CEO, at which time the
board will elect Ken chairman as well.
"When we are closer to my retirement date, I will share with you my personal
thoughts about the company, its people and the progress we have made. For now,
however, I want to focus on our plans to ensure CEO continuity and on the
rationale behind this announcement.
"In a sense, there is no ideal time for retirement. There is always more to
do, always more challenges to meet, always opportunities to capitalize on and
problems to deal with. Nonetheless, succession planning is a critical part of
good corporate governance for any company and its board of directors. Indeed, I
believe the most important task for any CEO is to ensure the seamless transition
of executive authority. This is a process that we began at American Express
several years ago with Ken's appointment as president and chief operating
officer. Today's announcement is the next step in this process.
"Ken is an outstanding leader who has continually taken on more
responsibilities and consistently executed those responsibilities well. He is
exceptional -- both as an executive and as a person. He has already made a
significant impact on American Express, and I have no doubt that he will be an
outstanding CEO as well.
"I chose to announce this succession well in advance of the actual event in
order to clarify our plans for you and the external world, and to allow Ken to
increase the range of his responsibilities. Customers, partners, competitors and
colleagues will all know that when they deal with Ken, they are dealing with the
next CEO of the company. I believe this will help us stay focused on our growth
strategies and continue to build on the momentum of the past few years. Making
the announcement now will also avoid any possible confusion about my own
retirement plans. I want this to be a smooth and orderly transition, providing
ample time for the company to absorb the change."
American Express is a diversified worldwide travel, financial and network
services company founded in 1850. It is a world leader in charge and credit
cards, Travelers Cheques, travel, financial planning, investment products,
insurance and international banking.
