8-KLeadership ChangesExhibits & Filings

AMERICAN EXPRESS CO 8-K Report, Executive Changes (Nov 4, 2011)

Filed November 4, 2011For Securities:AXP

Summary

American Express Company (AXP) announced a key executive change on November 4, 2011, with the appointment of Linda Zukauckas as Executive Vice President, Corporate Comptroller, and Principal Accounting Officer, effective November 28, 2011. This appointment fills a critical role previously held by David Cornish in an acting capacity since May 2011. Ms. Zukauckas brings substantial experience from her 11-year tenure at Ally Financial, where she held several senior finance positions, including Corporate Controller and Chief Accounting Officer. Investors should note the compensation package offered to Ms. Zukauckas, which includes a base salary of $450,000, performance-based incentive awards, a long-term incentive award valued at $450,000 on the grant date, a $500,000 sign-on bonus (subject to clawback if employment is terminated within a year), and a $100,000 sign-on restricted stock unit grant. These details provide insight into the company's investment in experienced financial leadership and its approach to executive compensation.

Key Highlights

  • 1Linda Zukauckas appointed Executive Vice President, Corporate Comptroller, and Principal Accounting Officer, effective November 28, 2011.
  • 2Ms. Zukauckas brings extensive financial leadership experience from her 11-year tenure at Ally Financial.
  • 3David Cornish transitions from Acting Principal Accounting Officer back to his role as Senior Vice President, Deputy Controller.
  • 4Ms. Zukauckas will receive an annual base salary of $450,000.
  • 5Her compensation includes eligibility for annual incentive and portfolio grant programs with target awards of 55% of base salary and $285,000, respectively, starting in 2012.
  • 6A long-term incentive award valued at $450,000 and a $100,000 sign-on restricted stock unit grant are part of her compensation package.
  • 7A $500,000 sign-on cash award is subject to repayment if employment is voluntarily terminated within one year.

Frequently Asked Questions

Linda Zukauckas has been appointed as the new Executive Vice President, Corporate Comptroller, and Principal Accounting Officer of American Express, effective November 28, 2011. She brings significant financial experience from her previous roles at Ally Financial.

This appointment fills a crucial accounting leadership position. Ms. Zukauckas's experience, particularly her background as a Corporate Controller and Chief Accounting Officer, suggests a focus on financial reporting accuracy and oversight, which are vital for investor confidence.

Ms. Zukauckas will have an annual base salary of $450,000. She is also eligible for annual incentive and long-term incentive awards, including a long-term incentive award valued at $450,000 and a $100,000 restricted stock unit grant. A $500,000 sign-on bonus is also included, with a clawback provision if she leaves voluntarily within one year.

David Cornish, who served as Acting Corporate Comptroller and Principal Accounting Officer since May 2011, will resume his previous role as Senior Vice President, Deputy Controller, and head of the Company's Global Reporting team.