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AmEx CEO Chenault to Exit, Succeeded by Vice Chairman Squeri

  • Chenault is one of the most prominent black U.S. executives
  • Steve Squeri will take over credit-card company on Feb. 1
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Chenault Stepping Down as CEO of American Express

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American Express Co. Chief Executive Officer Kenneth Chenault is stepping down after 16 years running the credit-card lender and will be replaced by Steve Squeri.

Chenault, 66, will stay on until Feb. 1, the New York-based firm said Wednesday in a statement. Squeri, 58, is vice chairman and has been at AmEx for three decades.