The American Express President Ed Gilligan died this Friday after falling ill on a business trip. It happened when he was going back to New York on a corporate plane. While Gilligan was on board, he fell ill and hence an emergency landing was made by the plane in the US.
The Chairman and CEO of American Express Kenneth Chenault expressed his grief over the incident and elongated his blessings and thoughts to the family of Gilligan. The family of Gilligan is shocked about his death.
Ed Gilligan took over the position of American Express’s President in 2013. He started his career as an intern at the age of 20 and progressed multi-fold in the trade over the years. The leadership skills of Gilligan were impeccable and many people got benefitted with his enthusiasm for the business.
Gilligan was working on each and every area of the business of American Express. The small businesses, merchant services, travel and commercial cards were all being coordinated by Gilligan himself. His latest project was about digital partnerships and payments.
It was at the beginning of the year that the company lost a US antitrust suit and the relation of the company with Costco went awry. The revenue of the company was also harmed due to the strong value of the US Dollar in the first quarter of the year. However, the bigger spending made by users employing American Express cards created great profits for the company.
The annual fees of the popular charge cards were intended to be increased by the company and they were also planning to give multiple benefits to the users.
The coming times would be difficult for the American Express company as the shares of the company have fallen down to 14 percent. With the death of Ed Gilligan, the problems for the company will increase twice fold.