Michael J. Angelakis
AMERICAN EXPRESSAbout Michael J. Angelakis
Independent director of American Express Company (AXP), age 60, appointed March 3, 2025; serves on the Audit and Compliance and Nominating, Governance and Public Responsibility Committees. Chairman and CEO of Atairos Group; Senior Advisor to Comcast’s Executive Management Committee; former Vice Chairman and CFO of Comcast (2011–2015) and EVP/CFO (2007–2011). Education: BA, Babson College; Harvard Business School Owner/President Management Program. Independence affirmed by AXP’s Board; AXP prohibits director hedging or pledging and requires $1 million stock ownership (shares or SEUs) within five years.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Comcast Corporation | Vice Chairman & CFO; EVP & CFO | 2011–2015; 2007–2011 | Led strategic, financial, administrative functions; global expansion and finance execution |
| Providence Equity Partners | Managing Director; Mgmt & Investment Committees | Prior to Comcast CFO | TMT private equity investing; strategic finance experience |
| Federal Reserve Bank of Philadelphia | Chairman | Prior | Monetary policy and financial oversight leadership |
| State Cable TV; Aurora Telecommunications; Manufacturers Hanover Trust | Various roles | Earlier career | Foundational operating and finance experience |
External Roles
| Organization | Role | Committees |
|---|---|---|
| Exxon Mobil Corporation | Director; Chair of Finance; Member of Executive & Audit | Finance (Chair); Executive; Audit |
| TriNet Group, Inc. | Director; Member, Nominating & Corporate Governance; Member, Compensation & Human Capital Mgmt | Nominating & Corporate Governance; Compensation & Human Capital Mgmt |
| Clarivate Plc | Director; Member, Nominating & Governance; Member, Finance (stepping down May 7, 2025) | Nominating & Governance; Finance |
| Lucky Strike Entertainment | Director; Chair, Nominating & Corporate Governance | Nominating & Corporate Governance (Chair) |
| Arcis Golf Corporation (private) | Director | — |
| The Orogen Group (private) | Director | — |
| Aston Villa F.C. (private) | Director | — |
| V Sports (private) | Director | — |
He has previously served on boards of Duke Energy, Groupon, Hewlett Packard Enterprise, Learfield, ProQuest LLC and Spectra Holdings; trustee of Babson College.
Board Governance
- AXP Committees: Audit & Compliance; Nominating, Governance & Public Responsibility (NGPR). Not disclosed as chair.
- Independence: Independent director; AXP Board determined 11/12 director nominees are independent (all except CEO).
- Attendance: AXP policy reduces retainer for <75% attendance; in 2024 all directors met 75%+ threshold. Angelakis joined in 2025, so his 2024 attendance not applicable.
- Executive sessions: Independent directors meet in executive session at each regular Board meeting; strong Lead Independent Director structure.
- Outside board commitments: AXP policy limits directors to ≤4 public boards (≤3 if an active public-company CEO). Clarivate exit (May 7, 2025) reduces public-company load; current public boards disclosed above.
Fixed Compensation
| Component | Amount/Policy | Notes |
|---|---|---|
| Board annual cash retainer | $110,000 | Reduced by $20,000 if <75% attendance |
| Committee member retainer (Audit & Compliance; Risk) | $20,000 (per committee) | Audit membership applies |
| Committee member retainer (Comp & Benefits; NGPR) | $15,000 (per committee) | NGPR membership applies |
| Committee chair retainer | $20,000 (Audit/Risk); $15,000 (Comp/NGPR) | Not disclosed as chair |
| Equity (SEUs) for non-management directors | $240,000 (beginning 2025) | Credited in SEUs; Lead Independent Director has an additional $75,000 SEU retainer; SEUs must be held until end of service |
| Deferred comp plan (directors) | Up to 100% of retainer can be deferred to cash (120% of federal long-term rate) or SEUs | Paid in cash upon payout of deferrals |
| Insurance/perks | Group term life insurance ($50,000 policy, premium paid); Matching Gift eligible up to $10,000 | On same basis as employees |
Mr. Angelakis will participate in AXP’s standard non-employee director compensation program. Specific 2025 amounts will follow program structure and his committee memberships.
Performance Compensation
- Directors at AXP receive SEUs (share equivalent units) and cash retainers; there are no disclosed performance metrics or options/PSUs tied to director compensation. No meeting fees; SEUs accrue dividend equivalents and are payable in cash post-service.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Ordinary-course relationships | AXP disclosed that Mr. Angelakis and immediate family are associated with companies (e.g., boards/ownership/employees) that have ordinary-course commercial relationships with AXP (merchant acceptance, joint marketing, corporate cards, financing), on terms similar to other customers; overseen under AXP’s Related Person Transaction Policy. No material related-party interests disclosed since Jan 1, 2024 beyond ordinary-course. |
| Related Person Transaction Policy | NGPR Committee pre-approves categories (compensation, use of products/services, ordinary-course banking/credit, charitable contributions), reviews any >$120,000 transactions with material interest; prohibits participation by conflicted committee members. |
Expertise & Qualifications
- Skills matrix: Audit Oversight; Core Operations & Management; Financial Services & Investment Experience; Global Business; Government/Legal/Regulatory; Public Company Governance; Risk Management & Oversight; Technology & Cybersecurity.
- Background highlights: Strategic investments (Atairos), corporate finance leadership (Comcast), prior Fed Bank chairmanship.
- Education: Babson College (BA); Harvard Business School OPM.
Equity Ownership
- Director stock ownership guideline: $1 million (through shares or SEUs) within five years of joining the Board; compliance tracked by AXP.
- Trading restrictions: Pre-clearance for all director transactions; prohibition on hedging and pledging.
Governance Assessment
- Board effectiveness: Placement on Audit & Compliance and NGPR committees leverages his audit/finance, governance and risk skill set; strengthens oversight of financial reporting, compliance, and related-party policies.
- Independence and alignment: Independent status; robust ownership guidelines and hedging/pledging prohibitions support investor alignment.
- Conflicts risk: Multiple external board roles can create interlocks (e.g., Exxon Mobil, TriNet, Clarivate until May 7, 2025), but AXP discloses relationships as ordinary-course and subject to NGPR oversight—no material related-party transactions disclosed. Monitor any future transactions with Atairos portfolio companies, Comcast-related entities, or public boards for escalation beyond ordinary-course.
- Time commitments: AXP policy caps public boards at ≤4; his planned exit from Clarivate mitigates overboarding concerns; continued compliance expected.
- Shareholder confidence signals: Strong Say‑on‑Pay approval (95.1% in 2024) and ongoing shareholder engagement point to stable governance framework.
RED FLAGS to monitor: expansion of ordinary-course relationships into bespoke agreements with entities where he holds leadership roles; any deviation from outside board commitment policy; attendance shortfalls (retainer penalties apply); undisclosed pledging/hedging (prohibited).
Notes
- Committees, independence, and biography sourced from AXP’s 2025 DEF 14A and March 3, 2025 8‑K.
- Director compensation structure reflects 2025 program changes (SEUs $240,000) and standard retainers; individual totals may be prorated depending on service timing; AXP does not disclose prorations in the cited sections.