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The Retirement of Amex’s Ken Chenault Means Just 3 CEOs on the Fortune 500 Are Black
His retirement was long in the making.
Credit card giant American Express announced Wednesday that Kenneth Chenault, its CEO of 16 years, was passing on the torch to younger blood: 58-year-old Stephen Squeri.
“We’re starting a new chapter from a position of strength and this is the right time to make the leadership transition to someone who’s played a central role in all that we’ve accomplished,” Chenault said of Squeri, who was previously a vice chairman at the company, in a statement. “Steve knows the industry. He knows the business and the brand. He knows the marketplace and how important the relationships we build with customers are to our success. He’s an excellent strategist and a strong leader.”
Chenault’s retirement has been long in the making. The CEO has been with American Express since 1981, and became CEO in 2001. By 2015, he had already passed on oversight of the company’s operations to his protege, Vice President Edward Gilligan. But in May, Gilligan died suddenly of a blood clot — leaving Chenault at the reins at a time when the company’s stock had fallen to a four-year low around $ 52 after losing one of it’s biggest customers: Costco. Today, the stock is trading at $ 92 a share, just off its all-time high of $ 95.
Perhaps that’s why American Express’ stock remained relatively silent on the news of Chenault’s retirement, effective Feb. 1.
Yet while American Express’ valuation did not fall as a result of Chenault’s departure, it was a loss in terms of diversity among the already largely homogenous Fortune 500 companies. Squeri is of Irish-Italian descent.
Chenault is the first black CEO to helm American Express'(number 86 on the Fortune 500). He is also one of four black CEOs on the list. That’s already down from January, when Xerox CEO Ursula Burns stepped down from her post, leaving no black women among the country’s largest companies by revenue.
With Chenault’s departure, the Fortune 500 will boast just three black CEOs: TIAA’s Roger W. Ferguson, Jr., Merck’s Kenneth C. Frazier, and J.C. Penney’s Marvin R. Ellison.
Leaders of the Fortune 500 are already overwhelming the same when it comes to the diversity figures: roughly 72% of CEOs on the Fortune 500 are white and male.
“Ken’s been the gold standard for corporate leadership and the benchmark that I measure others against. He led the company through 9/11, the financial crisis and the challenges of the last couple of years,” said Warren Buffett, CEO of Berkshire Hathaway and American Express’ largest shareholder in a statement. “American Express always came out stronger. Ken never went for easy, short-term answers, never let day-to-day challenges distract him from what was right for the moderate to long term. No one does a better job when it really counts and he’s always done it with the highest degree of integrity.”
American Express also posted earnings Wednesday that beat expectations. The company posted earnings per share of $ 1.50 and revenue of $ 8.4 billion, above Wall Street’s expected $ 1.48 earnings per share on revenue of $ 8.3 billion.
Creating Affiliate Websites (Part 1)
Many individuals are tempted to try affiliate marketing, because they make the error of taking a myth for reality. First and foremost, possibly, is that they believe that managing an Internet business is easy and second, is that they feel that you can make a fortune through Internet marketing in an instant. Probably not even 0.1% of those who are into affiliate marketing become prosperous quickly.
There may be a few people who achieved a great deal of success in only a short length of time after establishing an affiliate program website, but none of them will sincerely say that it was all good fortune. Anyone who is doing well in this sort of business will tell you that he or she worked very hard to get where he or she is right at the moment. Financial success in affiliate marketing takes time and hard work, but it is worth it.
If you are intending to set up an affiliate program, one of the things you have to think about is having your own website and not just an ordinary website, but a expert-looking one. How do you construct an affiliate marketing website? What are the steps to creating one? Well, first, you must have already decided on the theme or subject matter of your website. It would be better if you already have an idea which goods or services you would like to market as this will assist you chart the design and lay-out of your web pages.
The next job is to pick a domain name and get it hosted. The domain name is the unique name used to label the actual address of your website on the Internet. When choosing what domain name to register, look into the kind of goods you are promoting and the topic of your site.
Having the precise keywords in your domain name will give you a better prospect of attracting more shoppers to your website and visitors mean money. Also, pick a top level domain and extension, such as ‘teddybears.com’, because they are more popular. In choosing your web host, think about the security of the servers and their up-time promises.
Now, you can start building your webpages. Don?t be dispirited if you do not know much about this topic. There are page-generation tools and fast-launch sites available online; you just have to look for them. Countless online sources can help you build an affiliate marketing website, despite the fact that you may require time to examine and learn the whole procedure.
This is one of the reasons why your site or the products you are ready to promote must go with your interest. Building your promotion website for the first time will be a great deal more fun, if you love and know well the topic of your web site. If you don?t have time to make your own website, you can use templates or pay for ready-made websites. The latter, however, is a more pricey alternative.
Building an affiliate website on your own would be less expensive and more fascinating. In the process of creating your website, you may also enhance your knowledge in Information Technology and the use of computers, software and the Internet. As you educate yourself in these areas, you are increasing your lead over other affiliate marketers.
It helps a great deal, though, if you already know the fundamentals of web page development such as programming languages and graphics software because then you can make your site especially professional, more convenient to use or easier to navigate. Furthermore, if you are knowledgeable and skillful in this area, you can concentrate more on the contents of the web pages rather than the design.
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