American Express CEO Gets 60 Percent Salary Raise

[OhioChick]

Source: AP

1:10 pm EST January 29, 2010

DES MOINES, Iowa -- The CEO of American Express Co. is getting a 60 percent pay raise.

The base salary for Kenneth Chenault, 58, rises to $2 million this year from $1.25 million effective Feb. 1, according to documents filed Friday with the Securities and Exchange Commission.

Three other executives are getting smaller raises ranging from 21 percent to 33 percent. Vice Chairman Edward Gilligan's base salary will rise to $1.45 million from $1.1 million, and Chief Financial Officer Daniel Henry's base salary will increase to $850,000 from $700,000. Stephen Squeri, group president of global services and chief information officer, will see his base salary climb to $1 million from $750,000.

The company says the pay raises shift compensation for the executives toward a higher base pay and lower incentive awards. It says executive compensation still is weighted toward long-term incentives, particularly stock-based awards.

Shares of American Express added 83 cents, or 2.2 percent, to $38.26 in midday trading.

Read more: http://www.newsnet5.com/money/22377768/detail.html

[liberal N proud]

1. That is obscene

But then so are their rates.

[Gecko6400]

15. I couldn't agree more!

[DJ13]

2. "We must rein in the excessive costs of entitlement programs"

Mr. President, start here.

[CrispyQ]

3. And the workers get what -- 2%? 3%?

My husband hasn't seen a raise in 2 years. The company may give out rasies this year, but they have told employees 2% will be the top. They have us where they want us, cuz we're just thankful he has a job & the company isn't laying off.

[Ignis]

4. Sounds like their CFO is getting screwed.

...relatively, of course. ;)

[Jackpine Radical]

5. Aw, that's nice. I'm so happy for him.

Now his daughter won't have to go barefoot in that old flour sack anymore.

[DesertFlower]

6. American Express has so many H1 people.

they pay them 1/2 of what they would pay an american to do the same job. no wonder they can afford to pay the CEO that much.

disgusting.

[Bette Noir]

7. Where do I sign up for a job like that?

[laylah]

8. I wonder if Mr. Chenaultq

will use some of his ill-gotten funds to help me save my house? :rofl:

[SlingBlade]

9. Why Does D.U Hate Profits ?

:sarcasm:

[customerserviceguy]

10. As I sometimes carry a balance on my Amex card

I'm one of the people paying that.

But no more, I should have the balance from my December vacation paid off in full in a month, a couple of months at most, and from then on, it's just pay in full every month, simply to get the Hilton Honors points.

[nradisic]

11. I will never do business with these scumbags again

They have screwed most card holders I know, including myself and now this?....A 20+ year customer that always pays on time. I had 4 accounts with Amex over the years. Two have been paid and closed. As soon as the other 2 are paid off...God bye scumbags for good.

[digidigido]

12. I was thinking of getting an America Express Corporate card for my business

but screw it. These guys make too much money....
I'm paying by check or cash. They make their
money from the merchants too, so whether or not
you pay it off their still making money on
everything you buy

[M155Y_A1CH]

13. Wow that's how much you would have lost

If you had their mutual funds in your retirement plan.
60%

[gtar100]

14. Trickle down theory working its magic. Imagine all the jobs he's going to create.

:sarcasm:

The selfishness is so blatant.

[bitchkitty]

16. Wankers

Makes me wish I had an American Express I could max out and not pay. :(

[JNelson6563]

17. Considering the fees they charge merchants

this is no surprise.

Also, AMEX cardholders out there, think about this, AMEX offers more "rewards" than just about any card out there, how can they afford this? Gouging merchants. You probably noticed a lot of merchants don't take AMEX. We've had many a fit thrown by those who would use their AMEX cards if we accepted them. We're a small business who just can't afford that and there are many like us out there. I hope I can count on fellow DUers not to give some poor clerk (or even the owner of a small business) a hard time, there's a good reason for it.

Julie

[pipoman]

21. We just recently began accepting them,

because a local manufacturer who does a fair amount of business with us issues them to their execs. Prior to taking them most AMEX card holders understood our not accepting them and would just use Visa, MC, or Discovery...very few were angry.

[Morning Dew]

18. I wish I had seen this before bedtime last night.

I tossed and turned half the night worrying about how so many poor executives are going to make it through in these hard times. Tonight I'll sleep much better.

[Selatius]

19. Years ago, the French found a way to respond to this kind of situation while everyone else starved.

Here's to going out "in style":

[midnight]

20. These rich people are entitled to feel good about themselves and be

rewarded to make extra sure they know how worthy they are... The rest of us working class has just gotta accept that. Enjoy.....

[Jkid]

22. It's disgusting.

How is he going to spend all of that money?