American Express Financial Advisors Hires Leaders of Strategic Plannin

American Express Financial Advisors Hires Leaders of Strategic Planning and Investor Relations

    Business Editors

    MINNEAPOLIS--(BUSINESS WIRE)--March 16, 2005--

John Woerner and Laura Gagnon join leadership team as company prepares for spin off
    American Express Financial Advisors (AEFA), a unit of American Express Company (NYSE:AXP), has hired John Woerner as senior vice president, Strategic Planning and Business Development, and Laura Gagnon as vice president, Investor Relations.
    Woerner will be responsible for leading the development and implementation of strategic programs designed to continue to grow the AEFA business as an independent, Fortune 500 company. He joins AEFA from McKinsey and Company, where he was a leader of their North American Asset Management, Brokerage and Wealth Management practice. Woerner will report to James Cracchiolo, chairman and CEO of AEFA.
    Gagnon will have overall responsibility for communicating with the investment community about the company, including managing day-to-day contact with Wall Street analysts and portfolio managers. She was at The St. Paul Companies, Inc., for 18 years, most recently as vice president, Finance and Investor Relations. Gagnon will report to Walter Berman, chief financial officer of AEFA.
    "We are gaining two highly regarded, experienced professionals," said James Cracchiolo, chairman and CEO of AEFA. "John and Laura bring skills and passion that will be tremendous assets as we go forward as an independent company, and I'm thrilled they are joining our very strong leadership team."
    Woerner was at McKinsey for 10 years, and was elected partner in 2000. While at McKinsey, he developed in-depth knowledge and experience in creating and executing financial services strategies. He has developed and implemented a range of comprehensive programs including domestic and international asset management expansion, performance improvement, and retirement strategies. He began his career at Goldman, Sachs as a financial analyst. Woerner holds a B.S. degree from Pennsylvania State University and an MBA from the Wharton School at the University of Pennsylvania.
    In Gagnon's 18 years at The St. Paul Companies, Inc., she has held a variety of positions, including fixed income portfolio manager and vice president of corporate planning and development. As vice president, finance and investor relations, she provided senior counsel to management on all issues involving the financial and investor communities. During her tenure, The St. Paul Companies, Inc. was awarded "Best Corporate Governance" by Investor Relations Magazine (2004). Gagnon holds a B.S. degree from Winona State University and an MBA from Vanderbilt University.

    American Express Financial Advisors (AEFA) is one of the nation's leading financial planning, asset management and insurance companies. Through its nationwide network of more than 12,000 financial advisors, AEFA helps clients achieve their financial goals by building long term relationships based on trusted, knowledgeable advice. The company specializes in meeting the retirement-related financial needs of the mass affluent. AEFA provides retail and institutional asset management products and services in the U.S. through American Express Financial Corporation, and in Europe through Threadneedle Asset Management Holdings Limited. Insurance products are issued by IDS Life Insurance Company, IDS Property Casualty Company and their subsidiaries. American Express Retirement Services provides investment management and recordkeeping services to large and mid-size company 401(k) plans, as well as workplace financial education programs. For more information, visit americanexpress.com
    On Feb.1, 2005, American Express Company announced plans to pursue a spin-off to shareholders of the American Express Financial Advisors unit. The transaction is expected to be completed in the third quarter of 2005, subject to certain conditions.

    American Express Financial Advisors Inc. Member NASD and SIPC. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer.

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CONTACT: American Express, Minneapolis David Kanihan, 612-678-4925 david.e.kanihan@aexp.com or Paul W. Johnson, 612-671-0625 paul.w.johnson@aexp.com

KEYWORD: MINNESOTA INDUSTRY KEYWORD: HUMAN RESOURCES BANKING MANAGEMENT CHANGES SOURCE: American Express Financial Advisors

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