AmEX CEO Kenneth Chenault stepping down, Stephen Squeri takes over

FAN Editor

Credit card issuer American Express Co (AXP) said on Wednesday long-time Chief Executive Kenneth Chenault will step down and will be replaced by Stephen Squeri.

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Net income attributable to common shareholders rose to $1.36 billion, or $1.50 per share, in the third quarter ended Sept. 30, from $1.14 billion, or $1.20 per share, a year earlier.

Total revenue, net of interest expense, rose 9 percent to $8.44 billion.

This is the first quarter without impact from the loss of AmEx’s loss of its partnership with Costco Wholesale Corp <COST.O>.

(Reporting by Pallavi Dewan and Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)

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