Business Context and Reporting Period
This Form 8-K Current Report was filed by American Express Company on January 22, 2019. The report addresses Item 5.02 regarding the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation adjustments.
Material Changes
The report details specific increases to executive compensation approved by the Compensation and Benefits Committee on January 22, 2019:
- Stephen J. Squeri (Chairman and CEO): The target value of annual long-term incentive awards was increased from $10.2 million to $12.2 million. Base salary and annual cash incentive award targets remain unchanged.
- Douglas E. Buckminster (Group President, Global Consumer Services):
- Annual base salary increased from $900,000 to $1,000,000, effective March 1, 2019.
- Eligible for an annual cash incentive award of $3.7 million.
- Eligible for annual long-term incentive awards (performance restricted stock units and stock options) with a target value of $4.8 million.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items beyond the specific compensation changes noted above.
Investor Verification Checklist
- Verify the effective date of Douglas E. Buckminster's base salary increase (March 1, 2019).
- Confirm the composition of the long-term incentive awards for Mr. Buckminster (performance restricted stock units and stock options).
- Review the total compensation impact of the $2.0 million increase in Mr. Squeri's long-term incentive target.