After a biting poor third quarter with profits slipping 10.7% and the 2016 forecast dismal, American Express is shuffling executive suits to cut costs. Josh Silverman is out and other executives have greatly expanded responsibilities.
AmEx Bringing together its U.S. and International Consumer businesses into one global organization under Doug Buckminster, President, Global Consumer Services Group.
Also, globalizing its business-to-business activities by combining our Corporate and Small Business organizations across the U.S and International, and bringing our merchant financing and foreign exchange international payments business into this new B2B group, under the leadership of Steve Squeri, Vice Chairman.
Additionally, bringing together its merchant-related businesses by moving our Global Loyalty Coalition business and the Global Network Business team to the Global Merchant Services Group under Anré Williams, President, Global Merchant Services and Loyalty.
As President of the Global Consumer Services Group, Buckminster, who is currently President, Global Network and International Consumer Services, will be responsible for all consumer charge and lending products, both proprietary and partner-issued, as well as consumer travel and other related services globally.
In bringing its Global Loyalty Coalition and Global Network Business together with its Global Merchant Services group, currently headed by Williams, AmEx is consolidating major merchant-related activities under a single leadership structure. To reflect this expanded role, He has been named President, Global Merchant Services and Loyalty.
Josh Silverman is leaving to join the Greylock Partners venture capital team as an Executive-in-Residence.
For data, background and forecasts on American Express: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).