Summary
This 8-K filing by American Express Company (AXP) on August 2, 2007, reports on the compensation arrangements for two key executives following significant promotions. Effective July 1, 2007, Alfred F. Kelly, Jr. was promoted to President and head of the Global Consumer Group, and Edward P. Gilligan was promoted to Vice Chairman and head of the Global Business-to-Business Group. In connection with these promotions, the Compensation and Benefits Committee of the Board of Directors approved increases to their annual base salaries, effective retroactively to July 9, 2007. Mr. Kelly's base salary increased from $725,000 to $850,000, and Mr. Gilligan's increased from $725,000 to $825,000. These adjustments reflect the expanded responsibilities associated with their new leadership roles within the company.
Key Highlights
- 1Alfred F. Kelly, Jr. promoted to President and head of Global Consumer Group.
- 2Edward P. Gilligan promoted to Vice Chairman and head of Global Business-to-Business Group.
- 3Promotions effective July 1, 2007.
- 4Base salaries for both executives increased.
- 5Mr. Kelly's base salary rose from $725,000 to $850,000.
- 6Mr. Gilligan's base salary rose from $725,000 to $825,000.
- 7Salary increases were approved on July 31, 2007, and are retroactive to July 9, 2007.