Christopher Burch, an American businessman, has since 1979 been a consistent customer of American Express Co cards. He transferred a significant portion of his spending the J.P Morgan Chase & Co.’s Sapphire Reserve card in 2017.
AmEx incoming Chairman and Chief Executive Stephen Squeri who is up to succeed longtime chief Kenneth Chenault on Wednesday will have an uphill task trying to regain clients of Mr. Burch’s caliber, with Forbes magazine, profiled the latter as one of the wealthiest Americans in 2014. Mr. Squeri assumes office as the card giant is in the process of rebuilding its former glory after a weak performance in the last couple of years.
With other players such as PayPal Holdings, beating AmEx on market value, Investors are uncertain on the future profitability of AmEx with the entry of new mobile technology. During a stakeholders’ meeting, Mr. Chenault acknowledged that the firm is facing stiff competition.
Mr. Squeri will have to prioritize on tapping their former clientele base and also capturing new clients especially the millennials who might be more loyal to other players in the industry. AmEx has lost significant market share from competition dropping down to 22.9% last year up from 26% in 2014. The drop is mostly blamed on the loss of several co-branded cards including Costco Wholesale Corp. and JetBlue Airways Corp.
Faced with unsuccessful bids to regain Costco, Mr. Chenault had to shift his position on lending, and this helped boost earnings in 2017, but the stakeholders are uncomfortable with the prospect of future credit losses in line with the newly adopted strategy. Read an entrepreneur’s view on business related matters, check this link on entrepreneur.com.
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Mr. Burch is an entrepreneurial magnet with a business background in a variety of industries ranging from real estate, technology, and fashion. The genesis of Mr. Burch’s career was at Ithica College where he was an undergraduate. It was at this time that he and his brother Bob founded Eagles Eye apparel, which later grew to a tune of $165 million before eventually selling it. Hop over to bjtonline.com for a related article.
Today he is the CEO of Burch Creative Capital which is a father to a host of brand portfolios including ED by Ellen DeGeneres, Cocoon9, Nihiwatu, and Poppin. Mr. Burch has also been involved in promoting various technological innovations and luxury brands. They include Jawbone, Poppin, and Voss Water among others. Learn more about one of his impressive investment, hit this link on businessinsider.com.
Learn the latest innovative offering to the market visit https://www.inc.com/magazine/201106/chris-burchs-latest-cool-company.html