get to leslie picker at headquarters with the details. >> reporter: chenault plans to retire after 37 years at the company. he had been replaced as chairman and ceo by stephen squeri. his promotion is effective february 1st american express is midway through their conference call now. chenault praised squeri's digital acumen, another reason why the board chose him. >> and i'm delighted that i will be handing over the reins to someone who has played an important role in shaping the company that we are today. steve knows the business and the brand. he knows the marketplace he is an excellent strategist, a strong leader, and a great partner. >> reporter: chenault added that the succession process has been under way for five years they looked outside and inside the company. american express's stock moved higher after the company reported earnings and revenue that beat analysts' expectations when news of chenault's departure hit, shares dipped into the red they've gone a little back up during the call. amex's largest shareholder warren buffett was optimistic about the move he said, quote,

named anna shen know, who was very well known in the palaces of asia because her husband, claire chenault, had led the flying tyings in the battle again the japanese in world war ii, and he sends her to the southam series to tell them if they can hold on, richard nixon will be aelectricitied and they can gate better deal. so instead of going to paris and join peace talks the south vietnamese resist and don't joint the peace talks. this is a known story because some opinion that fall lyndon johnson got win offed and send the fbi out to tail and tape -- to tap the -- the tapes always come back -- to tail and to tap the republican envoy -- anna chenault and the south vietnamese embassy and the presidential palace in saigon. so johnson is getting all this inflammation and he sees what is happening, he gets on the phone, calls the republican senators live everett dirkson and says i'm reading their hand, everett, and this is darn near treason. so, he confronts nixon, and nixon denies it, but it hasis actually happened, and the great tragedy of this story is that there really was a peace stealer

chenault will be exceeded by steven squeri effective february 1st.the conference call, the incoming boss said that the next chapter will be about building on the momentum generated with a special focus on innovation, expanding core product offerings, and enhancing brand and customer relationships, and partnering with others to stay ahead of the curve the credit card company posted better-than-expected thaird quarter results last night shares down about a percent this morning. >>> other stocks to watch, ebay's third quarter profit was in line with forecasts revenue edged past analysts expectations because the company warns fourth quarter profit could miss expectations as it invests more in marketing and a revamped website in an effort to attract more shoppers. that hurt the stock. it's down 5.6% >>> united airlines third quarter profit falling less than forecast the carrier had to cancel thousands of flights due to the hurricane and bad weather. united says it will continue to increase capacity to defend market share stock is down by 1.8%. united's ce

ken chenault is a change agent. focused on innovation, he has developed people, and he has left the company stronger and positioned the company for sustained success. do you ever leave home without your american express card? i absolutely never leave home without it, and when i'm at home, it's always with me. [♪] ♪ you're watching pbs. een rv i'm just kind of excited to meet women who are in different sectors engineering and tech i've never been to new york city kind of overwhelmed at the moment when i took physics in high school, i started noticing there are less girls here still, when i meet new people they're like whoa, you're an engineer! you don't look like what you are! are you sure? i feel was probably the biggest education i got make sure that you take those moments to soak it in >> roadtrip nation is made possible by at&t through its at&t aspire initiative. through aspire at&t helps provide the education and skills training people need to succeed at school, at work, and in life. aspire brings together at&t

ken chenault has served as chairman and ceo since 2001 and is one of the country's most prominent african-american e leaders. he will be succeeded by stephen squeri, an american express veteran who was in charge of corporate cards. the move follows a difficult period for the company, which saw the lost of its costco partnership and increased competition from jpmorgan's sapphire reserve card. late today the company reported a rise in quarterly profit offsetting a rise in costs. you can see the immediate rise in the stock when the earnings were released and then the initial decline in the stock when the ceo announcement was made. >>> investors attention today also turned overseas where china's president spoke about the world's second largest economy, at the country's key meeting of the communist party congress. eunice yoon reports from beijing. >> reporter: president xi is ushering in a new era for china, mentioning the phrase "new era" 36 times today in his 3 1/2 hour long speech. president xi praised the party's achievement for the past five years and outlined his vision for the next five years in

>> tamala, this week ken chenault, the ceo of american express, says he's gonna step down.uess what? philly has one of the top ceos of fortune 500s right here, ken frazier, who's the ceo of merck, and i'm excited to say that we're gonna be honoring him on november 17th -- really good guy. >> all right. you get the last word. >> philadelphians will be surprised to learn how impactful we were in the evolution of motion pictures, and on friday night, a certain documentary-film company that i'm familiar with... [ laughter ] ...will be premiering at the philadelphia film festival at the ritz east, "before hollywood: philadelphia and the birth of the movies." and it'll be on 6abc oscar weekend. >> oh, very proud of you. a round of applause for sam. that's "inside story." we'll see you back here next sunday. ♪ . >>> at rare join appearance all five living former u.s. presidents took politics aside. and important cause. you have been known to look at these little girls here, the sisters were conjoined. we have the promising prognosis, the twins are being cared for in philadelphia.

. >> we have a lot to talk about we will talk about ken chenault and this big news out of american expresseff son fenenfeld will join us talk about that. we have senator jeff flake from arizona, and phil lebeau will be hanging out with oscar munoz from united. >> good lineup all the big stories. andrew ross sorkin and "squawk box" at the top of the hour. >>> when we come back a historic day on wall street, not for a good reason. today marks 30 years since the black monday market crash what an learn from that drop when "worldwide exchange" returns she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the larges

ceo of american express, kenneth chenault is is hing down after 16 years on the job.d by long-time executive stephen sqery. david: devastation in wine country. some wildfire evacuees making their way home, returning to piles of rubble an debris, nothing more. live report from northern california next. two boyfriends, three jobs... you're like nothing can replace brad. then liberty mutual calls... and you break into your happy dance. if you sign up for better car replacement™, we'll pay for a car that's a model year newer with 15,000 fewer miles than your old one. liberty stands with you™. liberty mutual insurance. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. melissa: authorities in california say light rain may help wildfires burning for 10 days now throughout northern part of the state. the fires have killed at least 42 people and burned over

worst performers and amex, although they beat and revenue was ahead and loan growth was good, ken chenaults going to leave people wonder whether it's enough of a high note of that whole costco thing >> it's opinion subeen such a h. and to say that this last run could have been continued would have been hard no matter what happened and chenault had really listened he's really done a lot of things that were terrific to get things together it's been a remarkable stock i salute him he is absolutely going out on a high the stock has had a real rebound. we spent a lot of time talking about the misstep on costco, they wanted to justify it on cost terms the value proposition to your amex holder is still somewhat unclear to me in terms of actual card -- >> and rewards >> what you're paying for that and the competition on reward, particularly from the likes of a jpmorgan, with some of their new entrants >> by the way -- >> and market cap is essentially equal to >> paypal is, you know -- the first thing that i remember when i got out of college, my father said, you've got make enough money to get an

kannel --xpress ceo tennis channel is stepping down chenault is stepping down. company vice-chairman. that is the business flash update. for more on the breaking news, american express, we are joined by the u.s. finance team leader. so he presided over a 90% rise in stocks since he took over, but that has trailed from yesterday. >> for years this was a strong performance. the last few years it has been tougher. we have had a lot of competition whether it is established firms like j.p. morgan have gotten into prime card space, or ups darts -- upstarts like paypal. they have had some challenges trying to deal with that. joe: i looking at the chart of the stock, so in early 2016, people were trying to panic about them. they were losing deals with people. the stock is now close to the all-time highs again. is there a sense they are back on the right track after high-profile lookups? -- hookups? --hael: certainly they have they release earnings today, boosted their for your guidance for that. they are in our -- four-year guidance for that. i think he did not want to

. >> chenault asked when he was going to earn, in the 90s, it makes sense.s down your wallet but i think all of those payment processing companies are buys i hope that they one day come in in a market sell-off because you can't get them otherwise the numbers are fantastic. the growth rate is consistent. really good companies. >> so we haven't had a show together in a few days what worries you you like the financials. >> i don't like retail because i do fear amazon and kroger is on a bounce i'm very concerned about what i would regard as being anything involving consumer spend that cannot be related to millennials. i point this out because the costco call. and i work a kirkland tie in honor of costco. and the conference call was about how millennials don't shop at costco. millennials brush their teeth, i think, some won't deowed rant because of chemicals -- i'm not kidding. >> i believe you. >> the consumer product stories and retail storieswhich are a lot of what individual investors own, i am concerned about. because they are not -- they are not in a compan

met with certain members of the board >> with mcnerney and david taylor then i met once with ken chenault0 minutes. he just said hello and good-bye. there was no interaction there whatsoever >> you feel they didn't give you a fair shot? >> not at all. i didn't show them my white paper. we didn't go through the white paper with them. they didn't do their job they absolutely didn't -- they should have sat with us as a board in whole or in part, and we should have taken them through our white paper. they complain that we didn't give them the white paper, you know, early. we said we wanted to give it to you in may, june, july, august the board was not available for us >> they took it personal i mean, they went after you, your track record. >> they did. >> it got a little nasty >> it got nasty on their part. i think we were -- i think we were gentlemen the whole way i'm very proud of the way we behaved. i sent a note to david the other day, and i said david, it's very lonely on the high road. because we both agreed that we were going to stay on the high road they couldn't quite stay there but