(Reuters) - American Express Co (AXP.N) said Chief Financial Officer Daniel Henry will retire as soon as a replacement is found, a process that could take “a couple of months.”
“With our business, balance sheet and 2013 plans in strong shape, we decided that now was the right time to begin the transition,” Chief Executive Kenneth Chenault said in a letter to employees released by the company.
Henry, 63, joined American Express in 1990 and has served as CFO since 2007. He was a partner at accounting firm Ernst & Young before joining the company.
“This is a mutual decision where the CEO and Dan made a plan for transition, so we expect it to take a couple of months,” a company spokeswoman, Marina Norville, told Reuters.
The company did not reveal the financial details related to Henry’s retirement. He earned $6.2 million in total compensation in 2012.
Norville said Henry would help with the search for his replacement and assist in the transition, after which he would leave the company later this year.
American Express launched a restructuring program in January that includes cutting about 5,400 jobs, or 8.5 percent of its workforce.
The company’s shares were trading flat at $70.19 on Tuesday on the New York Stock Exchange.
Reporting by Aman Shah in Bangalore; Editing by Supriya Kurane