May 7 American Express Co said Chief
Financial Officer Daniel Henry will retire as soon as a
replacement is found, a process that could take "a couple of
"With our business, balance sheet and 2013 plans in strong
shape, we decided that now was the right time to begin the
transition," Chief Executive Kenneth Chenault said in a letter
to employees released by the company.
Henry, 63, joined American Express in 1990 and has served as
CFO since 2007. He was a partner at accounting firm Ernst &
Young before joining the company.
"This is a mutual decision where the CEO and Dan made a plan
for transition, so we expect it to take a couple of months," a
company spokeswoman, Marina Norville, told Reuters.
The company did not reveal the financial details related to
Henry's retirement. He earned $6.2 million in total compensation
Norville said Henry would help with the search for his
replacement and assist in the transition, after which he would
leave the company later this year.
American Express launched a restructuring program in January
that includes cutting about 5,400 jobs, or 8.5 percent of its
The company's shares were trading flat at $70.19 on Tuesday
on the New York Stock Exchange.