Organization Announcement: American Express

The following announcement is based on an internal note to American Express employees from Stephen J. Squeri, Chairman and Chief Executive Officer:

'We deliver for our customers' has been a core value of our company throughout our history. It is the foundation upon which our brand is built, and it is the primary mission of our Global Services Group (GSG), the 36,000-person team who deliver outstanding service to our customers and colleagues around the globe. Today, I am pleased to announce that Denise Pickett, currently Chief Risk Officer of American Express and American Express National Bank (AENB) and President of the Global Risk, Banking and Compliance group (GRBC), has been appointed President of GSG and Chief Operations Officer of AENB, effective immediately. Denise remains an officer of the company and AENB and will continue to report directly to me.

Since joining American Express in 1992, Denise has demonstrated an unwavering focus on delivering for our customers in every role she has undertaken, making her an outstanding choice to lead GSG, which is responsible for our internal and external servicing functions, including our global customer service operations, credit, collections and fraud administration, and many of the shared services functions that support our business. Denise's career path has spanned a wide range of our businesses, and in each position, she has made substantial contributions to our company's success. Prior to becoming Chief Risk Officer, Denise's roles included President of U.S. Consumer Services, President of the OPEN small business team, and Country Manager for Canada.

Denise is known throughout the company as a strong and authentic leader who fosters innovative thinking and is dedicated to helping others develop and reach their full potential. I am confident that her enthusiasm, vision and demonstrated ability to drive results will help continue the evolution of GSG as a world class 'Customer First' organization.

I am also pleased to announce that Raymond Joabar, currently President of International Consumer Services and Global Travel and Lifestyle Services, has been promoted to Chief Risk Officer of American Express and AENB, as well as President of the Global Risk, Banking and Compliance group, succeeding Denise, effectively immediately. Raymond has also been appointed an officer of the company and AENB, and he will join our Executive Committee, reporting directly to me.

The role of Chief Risk Officer is a critically important one, responsible for helping us manage the company's key risks and ensuring that we maintain sound business practices that meet our obligations to our customers, shareholders and regulators. Throughout his Amex career, Raymond has acquired not only the necessary knowledge and skill to guide our risk and compliance efforts, but he is also a person of high integrity who is not afraid to challenge the status quo and who has demonstrated a deep commitment to living our Blue Box Value of doing what's right for all of our constituents.

Raymond began his career in 1992 as an analyst in the Risk Management organization where he spent his first eight years in a number of roles overseeing credit and fraud risk in our U.S. consumer and commercial segments. Since then, he has held increasingly senior roles across many areas of our business, including leading our global customer servicing, credit and fraud operations from 2012 to 2018. Raymond has also served as Country Manager for the UK and Ireland, as well as the general manager of product management and partnership development in our former OPEN small business group.

Throughout his 27 years at American Express, Raymond has consistently delivered outstanding business results the right way. What's more, he is an excellent leader who is dedicated to creating an inclusive and diverse work environment that places a premium on talent development.

Doug Buckminster will be announcing plans for Raymond's successor soon. In the meantime, all of Raymond's direct reports will report to Doug.

Denise and Raymond are each taking on the leadership of first-rate organizations with incredibly talented and dedicated colleagues in all areas and at all levels. Both GSG and GRBC are at the front lines of delivering on our brand promise of backing our customers with the trust, security and service they expect from American Express. The contributions they make are fundamentally important to our company's success, and I want to thank them for all that they do, each and every day.

Please join me in congratulating Denise and Raymond on their new roles.