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American Express promotes Gilligan to president

NEW YORK (AP) -- American Express is promoting company veteran Edward P. Gilligan to president.

The 53-year-old Gilligan most recently was vice chairman and head of a business-to-business group responsible for the company's relationships with merchants, corporations and bank partners globally. He's held various roles with the company since joining it in 1980, including as business unit president of commercial card and business travel for the U.S.

American Express' global consumer, small business, merchant, network, risk and banking groups will continue to report to Gilligan. He will continue to report to Chairman and CEO Kenneth I. Chenault.

Shares of New York-based American Express Co. fell 68 cents to $65 in morning trading Monday. They peaked for the past year at $67.76 on April 2 and traded as low as $53.02 in November.