How Stephen Squeri turned American Express into a premium growth powerhouse
Stephen Squeri, who became American Express CEO in 2018, reshaped the firm by targeting affluent millennials and Gen Z with premium cards, driving returns that outpace most peers.
Stephen Squeri rose through three decades at American Express, eventually succeeding Ken Chenault in early 2018 despite early doubts about his executive image. He redirected the company’s growth engine toward premium cards aimed at millennials and Gen Z, revamping the Platinum offering with higher fees but richer benefits such as Uber, Resy and hotel credits. The strategy paid off, giving Amex the highest total yearly returns—around 16.6%—among its large U.S. banking and payment peers over an eight-year span.
Squeri also overhauled internal incentive structures, aligning bonuses with overall company performance, and avoided layoffs during the COVID-19 downturn by investing in new consumer perks. Partnerships like the extended co-branded program with Delta have further lifted revenue, while the firm continues to face competition from rivals such as Citi, Chase and Capital One.
