American Express (AXP) said that its board has appointed Stephen Squeri CEO and elected him Chairman of the Board, each effective February 1, 2018. Squeri will succeed Kenneth Chenault, who will retire after a 37-year career with the company. Squeri has been Vice Chairman since 2015 and prior to that was Group President of the company’s Global Corporate Services Group. Chenault has served as Chairman and CEO since 2001. “We are completing a two-year turnaround ahead of plan with strong revenue and earnings growth across all of our business segments,” said Chenault. “We’ve added new products and benefits, acquired record numbers of new customers, expanded our merchant network and lowered operating costs. We’ve dealt effectively with competitive challenges and redesigned our marketing, customer service and risk management capabilities for the digital age.” Warren Buffett, Chairman and CEO of Berkshire Hathaway (BRK.A, BRK.B), American Express’ largest shareholder, said in the press release, “American Express is a very special company, one in which I first invested 53 years ago. Ken built on its storied history – not by abandoning traditional strengths, but by building on them and adding new ones. He’s been a great CEO and Berkshire Hathaway shareholders owe him a huge thank you. I’ve spoken with Steve and have been hearing about him from Ken. From everything I’ve heard, he’s absolutely the right person for the job. He knows the business, has a great track record and appreciates what makes American Express special. Ken and the board have picked someone who is going to build on a great legacy of service and success.”