Christophe Y. Le Caillec
AMERICAN EXPRESSAbout Christophe Y. Le Caillec
Chief Financial Officer of American Express since 2023, Le Caillec oversees global finance and represents the company to the financial community; he previously served as Deputy CFO and has held senior finance roles across Paris, Sydney, Singapore, London and New York since joining in 1997 . Company performance during his tenure includes record 2024 revenues of $65.9B (+9% YoY; +10% FX-adjusted), EPS of $14.01, ROE of 35%, and 1-year TSR of 60% (outperforming S&P Financials by 30 ppts) . Shareholders showed strong pay alignment support with 95.1% Say‑on‑Pay approval in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Express | Chief Financial Officer | 2023–Present | Oversees global financial operations; shaped investment thesis and investor engagement; led transition to Category III bank; maintained capital/liquidity strength . |
| American Express | Deputy CFO | Not disclosed (prior to 2023) | Partnered with Executive Committee on financial performance; led Corporate Planning, and finance for Risk, Technology and Global Services . |
| American Express | Global Finance Leadership Roles (Paris, Sydney, Singapore, London, New York) | 1997–2023 | Progressive global finance leadership across markets and functions . |
External Roles
- None disclosed for Le Caillec in the proxy .
Fixed Compensation
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Base Salary | $719,129 | $750,000 |
| All Other Compensation (total) | $167,137 | $155,030 |
| Perquisites & Personal Benefits (breakout) | Not disclosed | $12,380 (incl. $8,600 international tax/reporting services; $3,780 other) |
| Tax Equalization Payments | Not disclosed | $14,910 (trailing assignment tax equalization) |
| Company Contributions to DC Plans | Not disclosed | $120,000 |
| Executive Life Insurance (imputed) | Not disclosed | $7,740 |
2025 target base salary approved: $950,000 .
Performance Compensation
Annual Incentive Award (AIA) – Program Design (2024)
| Category | Weighting | Metric Detail |
|---|---|---|
| Shareholder | 60% | Revenue Growth (50%), EPS (25%), ROE (25%) |
| Customer | — | Retention (50%), Merchant Locations (50%) |
| Colleague | — | Talent Retention (50%), Culture (50%) |
| Strategic | — | Premium consumer leadership; commercial payments; international growth; network; Category III bank readiness |
| Risk Management | Oversight | CRO certification and risk-balanced adjustments |
2024 AIA Outcome for Le Caillec:
| Component | Value |
|---|---|
| Target AIA | $2,350,000 |
| Company Multiplier | 140% |
| Individual Multiplier | 120% |
| Actual AIA Paid | $3,950,000 |
Individual performance highlights included capital/liquidity strength, enhanced investor engagement, talent development via Finance Academy, and leadership of Category III bank transition while optimizing opex and control investments .
Long-Term Incentive Awards (LTIA)
Structure: 80% Performance RSUs (PRSUs) and 20% Stock Options (SOs), 3-year cliff-vesting; PRSU payout based on 3-year relative ROE and TSR vs peer group (0–120%); SOs vest subject to positive cumulative net income over the three-year period .
2024 Grants (granted 1/31/2024):
| Vehicle | Grant Date | Shares/Units | Exercise Price | Grant Date Fair Value |
|---|---|---|---|---|
| PRSUs | 1/31/2024 | Target 17,535; Max 21,042 | N/A | $3,908,131 |
| Stock Options | 1/31/2024 | 12,824 | $200.74 | $879,983 |
Program outcomes on prior cycle: PRSUs granted in Jan 2022 vested at 120% of target based on 91st percentile 3-year ROE and 100th percentile TSR vs peers (max) .
2025 LTIA awards (granted Jan 2025 for 2024 performance):
| Vehicle | Award Value (USD) |
|---|---|
| PRSUs | $4,560,000 |
| Stock Options | $1,140,000 |
| Total | $5,700,000 |
Multi-Year Compensation Summary
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Salary | $719,129 | $750,000 |
| Bonus/AIA | $2,650,000 | $3,950,000 |
| Stock Awards (PRSUs) | $2,708,888 | $3,908,131 |
| Option Awards | $0 | $879,983 |
| All Other Compensation | $167,137 | $155,030 |
| Total | $6,245,154 | $9,643,144 |
2025 Target Direct Compensation: Base $950K; AIA $3.25M; PRSUs $4.56M; Options $1.14M; Total $9.9M .
Equity Ownership & Alignment
- Beneficial ownership: 10,463 common shares; less than 1% of class; no “Right to Acquire within 60 days” disclosed for CFO .
- Stock ownership guidelines: Robust requirements; all NEOs exceed target ownership as of March 3, 2025 .
- Hedging/pledging: Prohibited for executive officers; all senior management must pre‑clear transactions .
Outstanding unvested equity at FY‑end 2024:
| Grant Year | PRSUs Unvested (#) | Market/Payout Value ($) | Options Unexercisable (#) | Exercise Price |
|---|---|---|---|---|
| 2022 | 9,318 | $2,765,489 | — | — |
| 2023 | 17,280 | $5,128,531 | — | — |
| 2024 | 21,042 (projected) | $6,245,055 | 12,824 | $200.74 |
2024 realizations:
| Item | Quantity | Value |
|---|---|---|
| Options exercised | 8,000 | $1,904,410 |
| PRSUs vested | 8,231 | $1,657,970 |
Deferred compensation (2024):
| Plan | Exec Contributions | Company Contributions | Earnings | Aggregate Balance |
|---|---|---|---|---|
| RRP‑RSP (non‑qualified) | N/A | $92,400 | $20,209 | $348,913 |
| Deferral Plan | $162,500 | N/A | $36,818 | $496,814 |
| Total | $162,500 | $92,400 | $57,027 | $845,727 |
Ownership alignment commentary:
- Three-year cliff vesting on PRSUs and SOs, with performance conditions (relative ROE/TSR and positive cumulative net income) supports multi‑year retention and pay‑for‑performance alignment .
- No pledging allowed; preclearance required, reducing misalignment/forced‑sale risk .
Employment Terms
- Severance plan: Senior executive severance equals 1.5× base salary + target AIA; pro‑rata AIA at committee discretion; equity and certain benefits continue during severance period unless executive accepts full‑time outside employment; non‑compete, non‑solicit, confidentiality and non‑denigration apply during severance .
- Change‑in‑control: Double‑trigger provisions apply .
- Clawbacks/recoupment: Robust clawback across NEOs for restatement/detrimental conduct; CEO AIA subject to additional recoupment at committee discretion if subsequent year performance is unacceptable; risk adjustments overseen by CRO .
- No excise tax gross‑ups; no individual employment agreements or CIC arrangements; no option repricing .
Potential payments upon separation (as of 12/31/2024):
| Scenario | Severance | Value of LTIA | Other Benefits |
|---|---|---|---|
| Termination w/o cause (no CIC) | $4,650,000 | $6,435,958 | $129,132 |
| Termination w/o cause or constructive termination (with CIC) | $4,650,000 | $6,435,958 | $129,132 |
Note: Retirement Savings Plan incremental value under death scenario $150,612 . Defined‑benefit pension not applicable due to eligibility (employment commencement date) .
Perquisites (2024): International tax/reporting services ($8,600) and other benefits ($3,780); trailing tax equalization reimbursement ($14,910) related to prior international assignment .
Related party/pledging/hedging:
- Policy prohibits hedging and pledging by executive officers .
- Related person: son‑in‑law employed by the company in a non‑executive role (2024 comp $125,000–$145,000) under standard HR policies .
Performance & Track Record
- Company execution under finance leadership: record revenues ($65.9B), EPS ($14.01), ROE (35%), and 1‑year TSR of 60% in 2024 .
- CFO‑specific 2024 outcomes: strengthened capital/liquidity; led Category III bank transition; enhanced investor outreach; organizational capability building (Finance Academy); disciplined opex and control investment focus .
- LTIA cycle performance: 2022 PRSUs vested at maximum (120%) on superior 3‑year ROE and TSR vs peers .
Compensation Structure Analysis
- Mix shift and growth: Total comp rose from $6.25M (2023) to $9.64M (2024) driven by higher AIA ($2.65M→$3.95M), larger PRSUs ($2.71M→$3.91M), and new SO grant ($0→$0.88M), increasing performance‑linked equity weight .
- Program risk controls: 50%+ of incentive comp deferred ≥3 years; CRO certification; diversified scorecard; caps on payouts; strong clawbacks; no repricing .
Investment Implications
- Alignment: High pay‑for‑performance linkage via PRSUs (relative ROE/TSR) and performance‑contingent options supports shareholder alignment; all NEOs exceed ownership guidelines; hedging/pledging prohibited—positive for incentives integrity .
- Retention vs. selling pressure: Significant unvested PRSUs across 2022–2024 cycles and 2024 SOs (vesting in 2027, contingent on positive cumulative net income) suggest continued retention incentives; 2024 exercises/vests were modest relative to total unvested overhang .
- Downside protection/governance: Robust clawback, double‑trigger CIC, and standardized severance reduce windfall risk; no tax gross‑ups or personal CIC arrangements .
- Execution: CFO’s 2024 achievements on capital/liquidity, regulatory transition (Category III), and investor messaging underpin confidence in execution; company’s 2024 outperformance (revenue, EPS, ROE, TSR) reinforces the linkage between performance and realized pay .