{"id":8745,"date":"2026-05-06T07:00:00","date_gmt":"2026-05-06T07:00:00","guid":{"rendered":"https:\/\/friscotimes.org\/?p=8745"},"modified":"2026-05-06T12:44:06","modified_gmt":"2026-05-06T12:44:06","slug":"the-ceo-who-was-told-hed-never-run-amex-has-made-it-cool-again-and-is-trouncing-the-sp-500","status":"publish","type":"post","link":"https:\/\/friscotimes.org\/?p=8745","title":{"rendered":"The CEO who was told he&#8217;d never run Amex has made it cool again\u2014and is trouncing the S&amp;P 500"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<p>Stephen Squeri appeared to check all the boxes as the next CEO of American Express. By 2016 he had spent three decades at the credit card colossus, reshaped tech operations, headed the corporate and merchant franchises, and orchestrated a spectacularly successful restructuring. But the Queens, N.Y., native had a giant liability in his quest to succeed the crisply tailored, cuff-link-sporting Ken Chenault: He didn\u2019t dress like a Wall Street CEO.<\/p>\n<div>\n<p>A year or two earlier, Squeri had appeared at a board meeting, held during a New York Jets playoff game, wearing his lucky Curtis Martin jersey under a suit jacket as a \u201cgo get \u2019em\u201d shout-out to his prized team. \u201cSome directors were a bit put off,\u201d he told <em>Fortune<\/em>. \u201cPeople judged a book by its cover, and my cover wasn\u2019t all that good.\u201d Coworkers took notice as well. Years earlier, recalls Squeri, \u201cone fellow manager asked me, \u2018Where did you get that suit?\u2019 and I said, \u2018I\u2019ve got five more just like it I bought for a couple hundred dollars, total.\u2019\u201d The colleague\u2019s rejoinder: \u201cTherein lies the problem.\u201d<\/p>\n<p>As the board pondered Squeri\u2019s qualifications, the head of HR advised him, \u201cYou need to dress like a CEO,\u201d and proposed a solution: A clothing expert from a fancy store in Connecticut would come to Squeri\u2019s New Jersey home on a Friday afternoon to orchestrate a sartorial reengineering. \u201cThe guy drives three hours in heavy traffic, and goes through my entire closet,\u201d says Squeri. \u201cAnd I say, \u2018How much of this is going to work?\u2019 and he says, \u2018None of it.\u2019\u201d Squeri relates that the pair then spent hours picking out fabrics for shirts, suits, sports jackets, and overcoats, and selecting elegant shoes, socks, and belts. Before the haberdasher headed home, Squeri put a king\u2019s ransom for the new wardrobe on his Amex card.\u00a0\u00a0<\/p>\n<p>The makeover helped get him the top job\u2014and presaged the corporate makeover he has spent the past near decade enacting. Squeri has forged one of the top growth engines in financial services by luring lovers of luxe as never before, and trending exclusive and young in a big way. The success of Squeri\u2019s highly original, against-the-tide strategy is something of a revelation. Though he heads the eighth largest U.S. player in financial services by market cap ($200 billion), and a fabled institution that ranks as Warren Buffett\u2019s second largest holding at Berkshire Hathaway behind Apple, the Amex chief is little known to the public and keeps a far lower profile than, say, JPMorgan Chase\u2019s Jamie Dimon or Goldman Sachs\u2019 David Solomon.\u00a0<\/p>\n<p>Yet surprisingly, since Squeri took the helm in early 2018, Amex boasts the highest returns among the largest U.S. commercial banks and payment providers. In that eight-year span, its stock has generated total yearly returns of 16.6%, a record that beats all its major peers and the benchmarks (save for Goldman Sachs which barely edges it out over that timeframe).<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-datawrapper wp-block-embed-datawrapper\" \/>\n<p>Squeri\u2019s innovation: shifting sharply away from the \u201cstart folks cheap then upgrade them\u201d policy that Amex and its competitors had long followed. He saw that affluent young people would happily pay up for premium cards, as long as the perks were right. \u201cThe reality is,\u201d intones Squeri, uncorking one of his favorite phrases, \u201cthese Gen Z and millennials love premium, they love getting something that\u2019s luxe. I viewed them as educated consumers who love luxury. They also love value. I said, \u2018Wait a minute, these kids are smart.\u2019\u201d\u00a0<\/p>\n<p>Says Howard Grosfield, chief of U.S. consumer services at Amex: \u201cSteve was determined to sharpen our focus on segments where we could truly differentiate and win. He doubled down not just on premium, but on attracting millennial and Gen Z customers who could deliver 20 more years of lifetime value.\u201d<\/p>\n<p>Amex\u2019s Platinum Card \u201crefresh\u201d in September raised the fee from $695 to $895, but added sweeteners Squeri says are worth an extra $1,500 a year (including credits for Resy, Uber One, and hotel stays). The relaunch proved the most successful in Amex history, the company says. To wit: In the three weeks following the refresh, new account acquisitions on U.S. Platinum doubled, and retention rates have stayed high since, despite the fee increase.<\/p>\n<p>Squeri has more than proved he can crack the upper echelons\u2014both as a CEO and diviner of what high-earners want. Now, he just has to do what\u2019s arguably even harder: keep those millions of millennials and Gen Zers happy and charging against the backdrop of an economy where everything is highly uncertain.<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n<p>It\u2019s 9 a.m. on a brisk day in mid-March, and the six-two Squeri appears in his top-floor Manhattan office, fresh from a workout in the building\u2019s gym. Today he\u2019s attired in a gray hoodie over a white T-shirt. The nod to his now elevated taste can be seen in the Brunello Cucinelli logo embossing the sweatshirt and the Zegna shoes that he describes as \u201ctriple-stitch\u201d\u2014\u201cI have 12 pairs of them\u201d\u2014as well as his Breitling watch. \u201cWe\u2019ve partnered by providing offers on Breitling watches,\u201d he declares, \u201cI\u2019ve got a few of those.\u201d The office itself leans toward old-school classicism, its conference and sitting rooms decorated with museum-quality Hudson River School paintings and 19th-century antiques.<\/p>\n<p>Lounging on a sofa and framed by floor-to-ceiling windows overlooking lower Manhattan, Squeri relates that he rides a stationary bike for a half-hour and lifts weights around 20 minutes five days a week, and has just breakfasted on oatmeal and tea. He eschews coffee, he says, not because he doesn\u2019t like the taste\u2014\u201cI\u2019ve never had a cup\u201d\u2014but because he detests the aroma. Squeri doesn\u2019t need caffeine. Pumping iron, and apparently the exhilaration of combat, has got this 67-year-old plenty pumped.\u00a0<\/p>\n<p>Squeri comes across as a big personality. He\u2019s a nonstop raconteur, and the conversation careens from accounts of teeing off with Scottie Scheffler (\u201cThe great part of playing with the pros is that maybe, one time, you can actually hit a better shot than they do!\u201d) to how their modest backgrounds forged a bond with Delta CEO Ed Bastian (\u201cI was 22 before I got on my first airplane; he was 25\u201d) to recalling lunches in Omaha with Warren Buffett (\u201cHe orders in Big Macs and fries, and I insist he chuck the china plates\u2014that we eat everything out of the box\u201d).\u00a0<\/p>\n<p>It\u2019s a matter of pride that some of his best ideas come not from surveys or focus groups but especially from surveying what his own kids and their friends are doing. How did he glean that the youthful and affluent would flock to Platinum? \u201cI just looked at my own household,\u201d he says. \u201cI have four daughters. When they talk, I listen. They make me listen. They\u2019re very value-conscious\u2014it\u2019s always about a deal. When my oldest graduated from college, she got a Platinum Card. She was traveling all over the country visiting friends and going to weddings. She told me she liked the lounge access, that she liked the Uber credits; she liked the early check-in and 4 p.m. checkout at the hotels. She went for the luxury stuff, not points, and it was the same for her friends.\u201d<\/p>\n<p>Squeri relates that his grandfather Giuseppe Squeri immigrated from Parma, Italy, through Ellis Island a century ago. \u201cHe couldn\u2019t read or speak English but went on to work as a porter then in a speakeasy during Prohibition, and finally running his own bar,\u201d says the CEO. Squeri and his three brothers shared a two-bedroom apartment with their parents in the blue-collar Queens neighborhood of Astoria. At nearby Monsignor McClancy Memorial High School, he formed a lifelong friendship with Nick Melito, who\u2019s been McClancy\u2019s president for six years. \u201cWe played on the basketball team together,\u201d Melito told <em>Fortune<\/em>. \u201cHe\u2019d come off the bench as an outstanding rebounder. But he was big and awkward, and he was shy. I\u2019d try to bring him out a little bit. At school dances, he didn\u2019t want to dance, and I\u2019d say, \u2018Come on!\u2019\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large\">\n<div class=\"block w-full\"><\/div>\n<p>Mike Coppola\u2014Getty Images for American Express and Marriott Bonvoy<\/p>\n<\/figure>\n<p>\u201cMy father always worked two full-time jobs, and one was as a floor manager at Bloomingdale\u2019s,\u201d recalls Squeri. While at Manhattan University, a Catholic institution in the Bronx, Squeri labored full-time at the elegant department store as \u201ca stock guy\u201d and in the rug department. \u201cIf you were just a stock guy, you were looked down upon by the Ivy League people in the training program,\u201d he says. Today, Squeri avows, \u201cMy best friends are from kindergarten and high school. People are authentic in Queens.\u201d He serves on the boards of both McClancy and Manhattan University. He stepped away from the public boards he was on when he became CEO and hasn\u2019t joined others since.<\/p>\n<p>After a stint at consultancy Accenture, Squeri joined American Express in 1985 as a manager in the Travelers Cheque Group. Over the next 30 years, Squeri moved upward to bigger and bigger jobs, chiefly in tech operations and commercial cards. But at every level, he heard the same refrain: You\u2019ve topped out. \u201cWhen I got promoted to senior VP, one of the top 150 jobs in the company, my boss told me, \u2018You are never going any higher at American Express. The only reason you\u2019re getting this job is that I have no one else to put in this job.\u2019\u201d But as Squeri tells it, after three months he merited a revised view that always sprouted after the new boss saw how well he worked: \u201cYou may be a little rough around the edges, but you could be president of this division.\u201d\u00a0<\/p>\n<p>Squeri turned all the negativity into a quest to prove the naysayers wrong. \u201cI guess you could say I had a chip on my shoulder,\u201d he allowed in a 2024 podcast. \u201cIt\u2019s served me well.\u201d<\/p>\n<p>Still, Squeri partly credited moving up at all to strenuous effort to burnish his homespun persona. Long before refilling his closets, \u201cI was told, early in my career, \u2018English is your second language,\u2019\u201d he declares. \u201cI grew up speaking English, but I didn\u2019t speak the \u2018goodly\u2019 English. I didn\u2019t use all the letters in the alphabet all the time, I spoke the way I spoke growing up.\u201d So Squeri \u201cvoluntarily\u201d took training in elocution. \u201cThere\u2019s a video of me somewhere reading from <em>The Cat in the Hat,<\/em> saying the King\u2019s English, \u2018More green eggs than ham.\u2019 I still consider myself a work in progress overall, but I can riff into my Queens speak, and I can riff into something you\u2019d expect of a corporate executive.\u201d\u00a0\u00a0<\/p>\n<p>Squeri then recounts what must rank as one of the most surprising CEO succession dramas ever. The clear front-runner as Chenault\u2019s successor was president Ed Gilligan, one of Squeri\u2019s best friends and an executive whom he\u2019d worked alongside in three different jobs. \u201cI was planning on retiring at age 60 in 2018,\u201d says Squeri. \u201cKen already told me he didn\u2019t think I was going to be CEO, which was fine, because I had no aspirations to be CEO.\u201d In May of 2015, Amex\u2019s road map for leadership suddenly got shredded: On a corporate jet flying back from Tokyo, Gilligan suffered a fatal heart attack.<\/p>\n<p>\u201cWe\u2019d gone through the Global Financial Crisis, but we were still in recovery mode,\u201d says Squeri. Then Amex\u2019s largest partnership\u2014the Costco card, which accounted for 8% of worldwide business\u2014suddenly fell apart. Costco wanted Amex to accept an extremely low rate on the money folks spent at its stores, a shift that would have made that business uneconomical. Costco went with Citi instead, and they remain partners to this day. Suddenly, Amex needed a mammoth restructuring initiative, in part to offset all the lost sales.\u00a0<\/p>\n<p>To make matters worse, the introduction of the Chase Sapphire Reserve card in mid-2016 posed a big threat to the supremacy of the Platinum Card, then sorely in need of a refresh. Chenault assigned the crisis management role to Squeri.\u00a0<\/p>\n<p>\u201cKen told me we were going to take out a billion dollars in operating expenses, and we ended up exceeding that target and putting that back into new products,\u201d Squeri relates. His success in leading the restructuring greatly impressed his boss. \u201cKen asked me to take a lot more of a leadership position. And as time went on, it became clearer to Ken that, A, I could do the CEO job, and B, I was really serious about doing the CEO job.\u201d While the pair golfed at the Hamptons\u2019 historic Shinnecock Hills club, Chenault told Squeri he would be the next chief. \u201cIt was hot,\u201d recalls Squeri. \u201cMy reaction to Ken\u2019s declaration was, \u2018Do you have heatstroke?\u2019\u201d<\/p>\n<p>Chenault, renowned for his understated demeanor, then suggested that despite his strong endorsement, Squeri could face significant pushback. \u201cKen said, \u2018We have some work to do with the board,\u2019\u201d Squeri recounts, and perhaps recalling the incident involving the Jets jersey asked his boss, \u201cHow many directors are there?\u201d Chenault said, \u201cFifteen.\u201d Asked how many Squeri had to convince, Chenault responded, \u201cFourteen.\u201d<\/p>\n<p>\u201cThe board saw this inside guy who was focused on cost reduction,\u201d says Squeri. \u201cThey didn\u2019t really see me as someone who could shape strategy or be good externally with partners.\u201d Squeri entered what he calls a \u201cspeed dating\u201d process with directors. \u201cSome it took two times, some it took three times, and one it took four times,\u201d he notes.<\/p>\n<p>Squeri won the job and embarked on his daring road map: Doubling down on premium and courting the young and affluent. He also pledged a \u201crevenue first\u201d enterprise that made top-line expansion the leading priority. Taking charge in February of 2018, the new CEO immensely ramped up the marketing budget for everything from Google Search banner ads to introductory offers for resort stays, all aimed at his target demographic. Platinum cardholders got their first Uber benefit, and Centurion Lounge expansion hit high gear. In part inspired by his kids\u2019 and their friends\u2019 love of dining out, Squeri oversaw the purchase of Resy, a reservation platform for 25,000 eateries that sets aside tables and includes credits for Platinum and Gold Card customers.\u00a0<\/p>\n<p>But though the audience changed, Amex\u2019s main product remained the same: a wide menu of travel benefits, chiefly for hotels and airlines. Then, COVID struck. \u201cWe had a Platinum product that was rich in travel-focused benefits that literally overnight became irrelevant,\u201d says Squeri. \u201cPeople couldn\u2019t get on a plane, they couldn\u2019t book a hotel, they couldn\u2019t use an airport lounge. It was a dark time.\u201d Amex faced a dire scenario in which people could dump their premium cards en masse because they\u2019d get little or no value for the fees. And the crunch on businesses and rising joblessness promised a surge in defaults on customer loans.<\/p>\n<p>Top management debated a hunkered-down, cost-flattening campaign to counter the expected dive in revenues\u2014including widespread layoffs. But Squeri went on offense. \u201cIf we played defense, I figured we could keep losses to $2 a share,\u201d he says. \u201cBut I decided to play offense, to invest in our customers by introducing benefits they could use in the COVID economy.\u201d He added limited-time digital credits for such streaming services as Netflix, Hulu, and Disney+, and cell phone benefits on T-Mobile, Sprint and other services.<\/p>\n<p>He also refused to lay anyone off. \u201cAnd we had around 9,000 people in places like the Philippines, India, and South Florida that had no internet access and couldn\u2019t work at all,\u201d he says. \u201cIt wasn\u2019t just for helping them and their families. I figured a year later, I\u2019d have to hire loads of new people, train them, and they wouldn\u2019t be as good or as loyal.\u201d The rub: His plan could generate an immense loss of up to $5 a share. It had earned $8 in 2019. So Squeri ran his thesis past his biggest shareholder.<\/p>\n<p>Over the phone in April of 2020, Squeri told Warren Buffett: \u201cI want to invest in our customers and our colleagues.\u201d According to Squeri, Buffett asked for his reassurance that Amex had plenty of capital to weather the hurricane. \u201cThen Warren said, \u2018I\u2019m with you. What\u2019s important is that during these times, you take care of your customers and you take care of your brand. If you lose customers and the aura of your brand, it\u2019s hard to get them back.\u2019\u201d<\/p>\n<p>As it turned out, the federal government\u2019s Paycheck Protection Program for businesses helped prevent the feared surge in defaults and fee-payer defections, and the new suite of stay-at-home benefits aided as well. When the crisis lifted, Squeri kept the perks added in the stay-at-home interlude, and has since added many more to boost Amex\u2019s lifestyle appeal, including Walmart+ and Equinox credits in 2021, and in last year\u2019s refresh, benefits for Lululemon and Oura purchases, enhanced credits for streaming that added YouTube TV and Paramount+, plus $400 towards dining at Resy restaurants.<\/p>\n<p>The new mix, shall we say, \u201cwent Platinum.\u201d By fiscal year 2023, Amex\u2019s revenues had already jumped 40% over 2019. Dining in particular proved the biggest winner. Squeri believed so strongly in the category\u2019s future that during COVID, he paid for restaurants on Resy to open \u201cyurts,\u201d those outdoor, street-side igloos, so they could stay open. Restaurants reigned as Amex\u2019s single biggest travel and entertainment spending category coming out of COVID, rising from a distant third two years before<strong>,<\/strong> and eclipsing the traditional leaders, hotels and airfare.\u00a0<\/p>\n<p>Squeri also led a pivotal shift in the way Amex made its decisions on where to steer investments and how to pay executives. Under the previous system, management awarded the company as a whole a ranking for its yearly performance that set the total size of the bonus pool for business units. Then, the sectors all got individual rankings that determined their share of the pool and how much its leader earned. In general, the faster a business head could grow their area, the bigger the bonus they\u2019d receive.<\/p>\n<p>At the beginning of the year, executives would fight for the maximum allocation of investment dollars so they could grow their businesses faster than their peers. \u201cThe system at times caused a lot of tension, and didn\u2019t always result in maximizing results for the company as a whole,\u201d says Raymond Joabar, president of commercial services and a 34-year Amex vet.\u00a0<\/p>\n<p>Squeri totally junked the practice. \u201cI basically said, \u2018We\u2019re all going to sink or swim together, and I hope it\u2019s swim.\u2019 Now, all the bonuses are based on how the overall company did that year,\u201d he says. \u201cThe units aren\u2019t rated independently.\u201d At the beginning of the year, the board sets targets for incentive compensation based on such metrics as earnings per share, revenue expansion, and total return to shareholders\u2014tied entirely to Amex\u2019s performance as a combined enterprise. If Amex as a corporation exceeds the goals, the payout ratio will be higher, and everyone across all business units will get the same bonus boost. \u201cSo when we sit in a room together, it\u2019s all about where\u2019s the right place for the money to be spent to give the best result not for themselves, but American Express,\u201d says Squeri.\u00a0<\/p>\n<p>Squeri\u2019s next sojourn as CEO after visiting Buffett in Omaha was huddling with Delta\u2019s Bastian in Atlanta. \u201cI fed Steve a tomahawk at the Kevin Rathbun steak house,\u201d Bastian recalls. The conversation topic? How to \u201cstop fighting over slices and grow the pie together,\u201d recalls Bastian. \u201cWe came to a solution where we have one P&amp;L, we get our percentage, and they get their percentage,\u201d says Squeri. \u201cAnd everybody\u2019s happy.\u201d By 2019, Squeri and Bastian achieved such comfort that they extended their partnership to the end of 2029, and the co-brand revenues have rocketed. Bastian relates that Delta collected $9 billion, more than four times the number in 2014, and though Amex doesn\u2019t break out its revenues from the co-brand, the Delta experience suggests it\u2019s scored a moonshot.<\/p>\n<p>In fact, Squeri and Bastian clicked so well that they are now buddies in pursuing both profit and fun. They share a great deal\u2014including their height, at well over six feet, and golf handicaps each estimates at around 12, though Squeri jests, \u201cIf he tells you he can beat me, I\u2019ll sue!\u201d Their big families, Catholic education, and backgrounds that were far from flush helped build the kinship. \u201cEd\u2019s a guy from Poughkeepsie who went to St. Bonaventure. I\u2019m a guy from Astoria who went to Manhattan University,\u201d says Squeri. \u201cHe comes from a family of nine kids; I was one of four. Ed tells me about how he\u2019d take all the clothes he could fit in a pillowcase and drive to Florida in a station wagon for spring break. I told him, \u2018At least you got to go to Florida, we just got to go upstate!\u2019\u201d Says Bastain of Squeri, \u201cWe think a lot alike because of where we started, and part of it is having a style that isn\u2019t hierarchical, where your people can approach you and tell you the truth.\u201d<\/p>\n<p>That comment is revealing, since Bastian is a former accountant whose extremely personable style might lead you to miss that he\u2019s a rigorous numbers man. Squeri differs from Bastian in that he makes far fewer public appearances, but he embodies the same blend of magnetic personality and extreme rigor on the stats.\u00a0<\/p>\n<p>Anna Marrs, who leads the merchant and network services group, says that Squeri is \u201ca challenging guy to work for, because you have to be in the details. For example, he\u2019ll know every ratio and how it\u2019s changing and make sure you know, too.\u201d If you don\u2019t know the numbers in a meeting, she says, he\u2019ll bluntly express his displeasure. But he\u2019ll also expect the person to come see him for a \u201crecovery meeting\u201d showing they have mastered the issue. Adds CFO Christophe Le Caillec, \u201cSteve\u2019s a numbers guy. The first thing you notice about him is his intensity, and on the numbers, he can use that intensity to grill you medium rare.\u201d<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n<p>Industry watchers attest that by doing just that, Squeri has pulled off something of a miracle. \u201cIf you\u2019d asked me 10 years ago if people would pay an almost $900 fee and be fine, I\u2019d have given it a 5% chance,\u201d says Brian Foran, an analyst at Truist Securities. Squeri has hiked revenues at an 11% pace<strong> <\/strong>annually on average since fiscal year 2022, and by holding overall expenses in single digits, achieved \u201coperating leverage\u201d that has driven earnings per share at a 16% clip. That\u2019s in line with his highly ambitious pledge to grow sales at or above 10% and EPS in the mid-teens going forward.\u00a0<\/p>\n<p>That said, Squeri faces sundry challenges. The premium space just got more crowded via the arrival of the Citi Strata Elite card in July, and Amex already gets tough competition from the Chase Sapphire and Capital One Venture X. On the high-end travel side, Amex offers 32 lounges worldwide, by far the largest number of any issuer. \u201cBut they\u2019ve also seen a lot of overcrowding, and that cheapens the experience,\u201d observes Brian Kelly, chief of the Points Guy travel site. And internationally, it still lags far behind the Visa and Mastercard offerings for acceptance in smaller stores and nations. Notes David Feierstein, a former top executive at Kraft Heinz and several other large enterprises who is cofounder of private equity firm Ronin Equity Partners: \u201cAt Kraft Heinz, we dumped Amex and went with Citi. We did the exact same thing at NCR and Diversey.\u201d\u00a0<\/p>\n<p>Then there\u2019s the worsening macro picture. The affluent consumer, its core constituency, is thriving. But the labor market is softening, and growing joblessness would reverse what\u2019s been a highly favorable credit cycle and trigger increased charge-offs, hitting profits. If AI wipes out wide swaths of white-collar jobs, the collateral damage will be squarely in Amex\u2019s customer base. In its $224 billion loan book, Amex has plenty of exposure to small and medium-size businesses, and that sector has turned sluggish, owing to tariffs and inflation. In that sector, Amex also faces tough competition from newcomers such as Brex, which caters to the hottest, VC-backed parts of the market. The recent selloff in financial services stocks pounded Amex, too; its shares are down 18% from the all-time high reached in December.\u00a0<\/p>\n<p>Squeri notes that despite the stock\u2019s decline and the questionable macro backdrop, Amex is thriving, having just finished a blowout Q1 where revenue and EPS grew at 11% and 18%, respectively.<\/p>\n<p>As our interviews drew to a close, I asked the hoodie-sporting Squeri if he expected to retire anytime soon. \u201cI just turned 67,\u201d he says. \u201cI love my job, I\u2019m growing every day, and I think I\u2019m impacting people positively. I have no plans to retire.\u201d On the other hand, he points to the dangers of a CEO staying on too long. \u201cKen had all the energy in the world when he left. It wasn\u2019t about energy, it was all about not wanting another generation of leaders pass you by.\u201d One thing\u2019s for sure. In evaluating his successor, Squeri will look for substance first and foremost\u2014but in case of emergency he\u2019s got the number of a guy who can help with the style part.\u00a0<\/p>\n<p><em>This article is part of the\u00a0May 6 2026, Special Digital Issue\u00a0of\u00a0 <\/em>Fortune<em>.<\/em><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Stephen Squeri appeared to check all the boxes as the next CEO of American Express. By 2016 he had spent three decades at the credit card colossus, reshaped tech operations,&hellip;<\/p>\n","protected":false},"author":520,"featured_media":8746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[6],"tags":[9348,9347,111,722,9346,196,4412,9349],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The CEO who was told he&#039;d never run Amex has made it cool again\u2014and is trouncing the S&amp;P 500 - Frisco Times<\/title>\n<meta name=\"description\" content=\"The unlikely story of how a Queens-born outsider turned around a giant by betting young people would happily pay $900 a year for a credit card.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/friscotimes.org\/?p=8745\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The CEO who was told he&#039;d never run Amex has made it cool again\u2014and is trouncing the S&amp;P 500 - 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