By Manya Saini
(Reuters) -Credit card giant American Express Co said on Tuesday Chief Financial Officer Jeffrey Campbell has decided to retire, and Deputy CFO Christophe Le Caillec would succeed him.
Campbell will step down from his role effective Aug. 14. He joined American Express as CFO in 2013, and will remain with the company as vice chairman until March 2024.
Shares in the New York-based card company have nearly tripled over the last decade, marking a successful tenure for the outgoing finance chief. AmEx stock, which has risen 13% so far this year, reversed early losses to trade 0.5% higher at $168.02 in morning trading.
Le Caillec has been with American Express for over 25 years, serving in top roles. He currently leads the corporate planning team at the card firm, as well as risk, technology and the global services group finance functions.
“While the announcement comes as a surprise, we expect a smooth transition and for Le Caillec to be a natural fit for the role given his experience as Deputy CFO,” analysts at brokerage KBW said.
Le Caillec is taking on the new role at a difficult time for lenders as economic forecasts darken steadily amid rising interest rates and high inflation, forcing them to set aside a large sum to cover potential defaults.
Sharply higher prices for everyday goods have also begun to squeeze consumers, clouding the outlook for payments companies amid a shift away from big-ticket spending.
In April, AmEx missed Wall Street estimates for first-quarter profit after setting aside bigger provisions and spending more on promotions to keep customers engaged.
Rival Visa has also shuffled top leadership over the last few months at a critical juncture for the economy. Last week, the world’s largest payments processor named a new finance chief, after announcing the appointment of Ryan McInerney as CEO in November.
(Reporting by Manya Saini in Bengaluru; Editing by Shilpi Majumdar and Krishna Chandra Eluri)