American Express Reorganizes Into 4 Units

American Express Co. reorganized into four main business units, in advance of President Kenneth Chenault taking over as chief executive early next year. The new units are global financial services, U.S. consumer and small-business services group, global corporate services, and global establishment services and travelers check group. The financial services company, best known for its charge cards and travelers checks, also expanded its top management committee to include the four executives in charge of the main business units. Chenault, current Chief Executive Harvey Golub, Vice Chairman Jon Linen and Chief Financial Officer Gary Crittenden will remain part of the committee, which will be called the Global Leadership Team. Chenault, already one of Wall Street’s highest ranking black executives, will replace Golub, 61, early next year. The restructuring, which is effective immediately, will accelerate the company’s international reach and reduce the number of people who report directly to Chenault, Chenault said in a memo to staff. Chenault said one of his top priorities will be to increase his involvement with Internet initiatives by facilitating an Internet business development utility under Anne Busquet. She has been named president of Interactive and Information Services. American Express shares fell $2 to close at $54.19 on the New York Stock Exchange.