American Express Co. (AXP), the biggest U.S. credit-card issuer by customer purchases, will award incoming Chief Financial Officer Jeffrey C. Campbell $16 million in his first month on the job.
Campbell, 52, whose hiring from McKesson Corp. (MCK) was announced yesterday, will also receive a $1 million annual salary, New York-based AmEx said today in a filing. All of the $16 million in bonuses will either vest or pay out later than this year, according to the filing.
Campbell is currently CFO of San Francisco-based McKesson, the biggest U.S. health-care services company. He succeeds Dan Henry, 64, who announced in May that he was retiring after more than 20 years with AmEx. Before joining McKesson in 2003, Campbell served as CFO of American Airlines parent AMR Corp. (AAMRQ)
“Jeff is among the most respected leaders in finance, with deep experience as the CFO of large organizations in complex industries,” AmEx Chief Executive Officer Kenneth I. Chenault, 62, said in yesterday’s statement. “He knows how to generate shareholder value, facilitate growth, develop strong teams and build flexible financial models.”
Campbell will receive $12 million in new hire awards, including a $4 million cash payment that will be paid out equally around his first and second anniversaries. He will also receive a $1.5 million deferred cash award that is tied to the firm’s performance this year and the next two, and a $2.5 million equity grant that includes some options.
While Campbell will join AmEx between July 8 and July 15, he won’t become CFO until the company files its second-quarter regulatory filing, which must happen by Aug. 9, according to his offer letter included in today’s filing.
Henry was awarded $6.7 million for his 2012 performance, according to a filing.