America’s largest lenders made an epic mistake a decade ago when they cashed out of Visa and Mastercard through initial public offerings, says Chenault, who will step down in February as CEO of American Express.
Chenault to leave credit card giant helm after 16 years, vice chairman will take his place; Brett Redfearn named the agency’s director of trading and markets.
There's never an easy time to change leaders, but for American Express it's a particularly challenging time as it faces legal challenges to a core part of its fee structure and is still revamping its business model after a stinging client loss.
