Touted as a strategic driver of American Express, Stephen Squeri ascended to the company’s highest executive realm in 2018 – thirty-three years after his employment & two years before the pandemic. His extraordinary corporate journey serves as a masterclass for future leaders.
Stephen J. Squeri is the Chairman and Chief Executive Officer of American Express, a position he has held since February 1, 2018. He joined American Express in 1985 and has held various leadership positions within the company before assuming the role of CEO.
Squeri is known for his strategic leadership and focus on innovation and digital transformation in the financial services industry. He was appointed to the company’s highest executive office after demonstrating thirty-three years of unwavering leadership and commitment to the company’s core principles, which he has consistently emphasized in all his interviews, aligning with his own values.
American Express Company (Amex), touted as one of the biggest credit card companies in the world, navigated smoothly through the challenges of the pandemic, a feat accredited to Mr. Squeri’s resolute character and his solicitous attitude towards all stakeholders. “During the pandemic we faced a lot of challenges, for us the first thing that was the most important was to take care of our colleagues,” Mr. Squeri said in an interview with CNBC.
Leading the company towards diversification, a goal that Mr. Squeri has pledge to undertake during his time in the office, has made American Express an internationally recognized “financial-powerhouse.” Under his leadership, the company has entered into strategic partnerships and launched new products and services to cater to the needs of customers all around the world.
Foreseeing potential in young leaders
If unlocking international opportunities was the move that ascended American Express’s global presence, then catering to a younger clientele surely drove the company to offer cards with a high value proposition to more millennial and Gen Z customers, who made up 60% of the company’s new card acquisitions. This achievement is another feather in Mr. Squeri’s executive cap. “Younger cardholders create a greater “lifetime value” than older ones, as they will continue to use their American Express cards as they age.”
“Younger customer base is also growing because more merchants accept American Express cards than in previous years,” touting his own accomplishments that have led to more card availability in the market and indicating how the company has successfully dispelled critics who assumed American Express was only for the wealthy. “When you think about someone who’s acquired the card in the last seven years, Amex is accepted everywhere,” he said, “And now they’re using the card for everyday purposes.”
When majority companies were zigging and battening down the hatches, thanks to the pandemic, Mr. Squeri took a different tack to counter the economic bleak that came with shrinking consumer spending, and pivoting the company towards a safer shore. Under his leadership, he began by consolidating confidence among the biggest shareholders, as Mr. Squeri projected when he personally telephoned Warren Buffet to present a plan that he was considering authorizing. The plan included an agenda to ramp up consumer investments in diverse business domains, such as shipping, travel, and cellular benefits.
By the end of the pandemic, Mr. Squeri said, “We had a card base that was loyal to us and it was evident from the numbers, our revenue grew 17%, then 25%, and now it is only soaring higher,” Asked about what was his biggest learning, Mr. Squeri said, “The lesson was for us to take care of our colleagues, and our customers. If you can engage with your customer, they’ll stay loyal to you, and that is what happened.”
Leadership lesson that Mr. Squeri embraces
Stephen Squeri has held many positions during his 39 years at American Express, including Vice Chairman of American Express Company, Group President of Global corporate services, Group President of Global Services, Executive Vice President, and Chief Information Officer. His uphill journey shows what can be achieved with perseverance, and a growth mindset. It also demonstrates how a great business culture can influence personality development, helping you take leaps in your desired vocation.
Experience is what Mr. Squeri says is indispensable. There is no journey which is linear. It depends on the individual, if they are ready to face undoctored realities, and move along with it. Stephen Squeri’s 39-year long association with American Express has been marked by strategic leadership, unwavering commitment, and a focus on the company’s core values. Throughout his tenure, Squeri has guided American Express through challenges, including the pandemic, with resilience and determination. His leadership has been instrumental in maintaining American Express’s position as one of the world’s leading credit card companies.
Amex was among the leading companies for working parents in 2024 – companies that best support parents offer 20 or more weeks of paid parental leave for both primary and secondary caregivers. According to Just Capital’s research, Amex was one of the five companies, hailed empathetic towards parental discourse in 2024.
It was a measure introduced to ensure equity in the workplace for all the employees. The benefits which came along the measure included : 20 or more weeks of paid parental leave, and backup subsidized dependent care for their employees. Mr. Squeri who has time and again embraced his colleagues and employees, this study was a proof of it, showing that great leadership comes with great behavior.
