American Express Spending More to Attract Cardholders, CEO Says
- AmEx working with `great sense of urgency,' Chenault says
- Card issuer got vote of confidence from Buffett last weekend
American Express Co. credit cards are arranged for a photograph in New York, U.S., on Monday, April 15, 2013. American Express Co., the biggest U.S. credit-card issuer by purchases, named Edward P. Gilligan to become its president, effective immediately.
Photographer: Scott Eells/BloombergAmerican Express Co., the biggest U.S. credit-card issuer by purchases, is spending more money to attract cardholders and actively seeking retail partners as it works “with a great sense of urgency” to improve results, Chief Executive Officer Ken Chenault told shareholders.
AmEx has “ramped up spending on cardmember acquisition,” Chenault said at the company’s annual meeting in New York, while conceding that 2015 was a “disappointing” year for investors. He didn’t elaborate on the firm’s spending.