American Express Appoints Stephen Squeri as Executive Vice President, Chief Information Officer.

NEW YORK -- -American Express Company today announced the appointment of Stephen Squeri, 46, to the position of executive vice president, chief information officer, effective immediately. He formerly served as president of American Express' Global Commercial Card group. Mr. Squeri succeeds Glen Salow, who has accepted a new position as executive vice president of Technologies and Operations for American Express Financial Advisors (AEFA). Earlier this year, American Express announced plans to pursue a spin-off to shareholders of AEFA. The transaction is expected to be completed in the third quarter of 2005, subject to certain conditions.

As head of the global Technologies organization, Mr. Squeri will be responsible for further strengthening the company's position as an industry leader in the strategic use of technology, and will continue to serve on the company's Global Management Team.

"For the critically important position of CIO, we looked for someone who has demonstrated the ability to integrate leading edge technologies into successful business building initiatives, and who possesses a combination of outstanding business acumen, a keen focus on the customer and strong organizational leadership skills," said Ken Chenault, chairman and CEO. "Steve has strengths in all of these areas, as well as a deep and broad knowledge of our core businesses."

Mr. Squeri joined American Express as a manager in Travelers Cheque Group (TCG) in 1985 and subsequently held increasingly senior roles in TCG, Worldwide Marketing and Establishment Services (ES). He was named president of the Global Commercial Card group in January of 2002.

Mr. Squeri has been responsible for a long list of accomplishments over the course of his 20-year career at American Express, including many instances of effectively using technology to build business. In TCG, he was responsible for developing products and services that automated TC sales and settlement. While in ES, Mr. Squeri led the development of the merchant services Internet strategy, spearheaded the establishment of the ATM network, which was subsequently sold in 2004, and implemented the company's point-of-sale capabilities. He also served as the senior business leader overseeing the company's Y2K efforts, ensuring a seamless transition into the 21st century.

Under Mr. Squeri's leadership, Global Commercial Card (GCC) has grown and transformed over the past three years. He created a global infrastructure with a strong leadership team and centralized business and investment planning. Mr. Squeri added global focus to new account acquisition by tripling the proprietary global sales force and opening up new acquisition channels through partnerships with banks, airlines and travel agents. GCC has also invested substantial resources in expanding product and service capabilities and developing technology solutions, which has led to increased client retention and stronger sales.

Before joining American Express in 1985, Mr. Squeri spent four years as a management consultant at Arthur Andersen & Co.

He received a bachelor of science and MBA from Manhattan College.

American Express Company (www.americanexpress.com) is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking.