American Express 2012 Annual Report Download - page 15

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financial services companies have increased sharply. In this environment
especially, we need to make sure that American Express continues to stand
out for all the right reasons–extraordinary service, integrity, and fair and
transparent treatment of customers.
As I’ve told our people, we have to make sure that our products and services
work as intended, our communications are clear and accurate, marketing o ers
are fulfi lled as stated, and that we see everything from the vantage point of our
customers. In the end, we always have to ask ourselves, “Is this the way I would
want to be treated?”
Much has been said about the increased regulatory burden for companies in our
industry. We don’t view it as a burden. We view it as a responsibility. After all,
regulators want what we want: to make sure customers understand our products
and are treated well.
Putting our customers fi rst is the right thing to do. It’s the reason we have the
most satisfi ed cardmembers in the industry today. It’s also consistent with our
brand heritage and business philosophy. Continuing this tradition as a customer-
centric organization will help us grow.
BOARD OF DIRECTORS
As we strive to do our best for our shareholders and customers, we are fortunate
to be able to rely on the leadership and vision of our Board of Directors. It’s
my pleasure to work with this distinguished group. Since my last letter to
shareholders, we’ve had several changes to the Board that I want to note for you.
Daniel Akerson did not stand for re-election in 2012 in order to devote more time
to his duties as chairman and CEO of General Motors, and Edward Miller and
Jan Leschly will both reach mandatory retirement age in 2013. I want to thank
Dan, Ed and Jan for their many years of service to American Express. These
exceptional leaders have been truly committed to our company’s success and
passionate advocates for our shareholders.
Meanwhile, we have made three outstanding additions to the Board. In 2012, we
welcomed Dr. Daniel Vasella, former chairman and CEO of Novartis. Dan helped
to make Novartis a worldwide leader and standard setter in the healthcare
industry. We also elected two new directors in 2013 whose appointments will
become e ective on March 1: Anne Lauvergeon and Samuel Palmisano. Anne,
To Our Shareholders
2012 Financial
Results
Marketplace Moves
Shareholder Returns
Foundational
Changes
Advantages in a
Digital Economy
A Broad Footprint
Customer Focus
Board of Directors
Change and Tradition
AMERICAN EXPRESS COMPANY
13