AMEX President to Get Millions

Source: BusinessWeek:  American Express Co.'s departing president will receive separation payments totaling $9.7 million along with a $4 million performance bonus and his regular salary, the company said in a regulatory filing on Tuesday.



Alfred F. Kelly, who plans to leave the company effective April 10, 2010, will receive a salary of $765,000 per year through Dec. 31 and $850,000 per year from Jan. 1 until he departs in April.



Kelly, 51, wants to run a company as a chief executive, a position that is unlikely to come open anytime soon at American Express as chairman and CEO Kenneth Chenault, 58, is entrenched in the job.

In a memo to the company's 60,000 employees about organisational changes at AmEx, Mr Chenault said Mr Kelly had made it "clear to me that he wanted the opportunity to run a company as a chief executive. Given my own plans for the coming years, we both agreed that was not likely to happen at American Express in the short term." - Kenneth Chenalut

Kelly will continue to lead the credit card lender's transition to a bank holding company until his departure. He has been president and head of the global consumer group since 2007.



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