Ralph Reed (American Express)
Ralph Thomas Reed | |
|---|---|
| Born | Template:Birth date Philadelphia, Pennsylvania, U.S. |
| Died | January 21, 1968 (aged 77) New York City, New York, U.S. |
| Occupation | Businessman |
| Years active | 1919–1965 |
| Known for | President of American Express Company (1944–1960); introduction of the American Express charge card |
Ralph Thomas Reed (born July 6, 1890, Philadelphia – died January 21, 1968, New York City) served as president of the American Express Company from 1944 until 1960. He began his career at the company in 1919 as an assistant to the controller and played a crucial role in introducing the American Express charge card in 1958.
Biography
Reed was born in Philadelphia to William Arter and Jennie Smith Reed, the second son of a Welsh immigrant who worked as an accountant for a lumber firm. Although awarded a scholarship to Princeton University, he left after his father lost employment. Subsequently, Reed pursued accounting work while attending the Wharton School at the University of Pennsylvania, where he graduated in 1915.
Starting at American Express in 1919, Reed ascended to the presidency by 1944. Under his leadership, the company expanded its office locations from 50 to 344 and increased its workforce from 1,500 to 8,600 employees. The total assets surged by 318%, reaching $621 million. He initiated various programs aimed at simplifying travel and reducing expenses for American travelers, including services for trip planning and assistance in locating relatives or lost belongings overseas. In 1956, TIME magazine recognized him for applying American industrial innovation to international travel and significantly boosting U.S. overseas tourism. Reed was also known for his extravagant hospitality at global business gatherings, famously renting an entire floor of London’s Hotel Savoy for a major reception.
The launch of the first American Express charge card in 1958, authorized by Reed, marked a transformative moment that reshaped the company's competitive stance. After stepping down as president in 1960, he was succeeded by Howard L. Clark and continued as chairman of Amex’s executive committee until his retirement in 1965.
Outside of his corporate responsibilities, Reed provided counsel to the Foreign Service Institute and Voice of America. In 1957, President Dwight D. Eisenhower appointed him as the United States representative at Nicaragua’s presidential inauguration.
He married Edna May Young; together they had one daughter, Phyllis Ann Reed. Residing in both New York City and Palm Beach, Reed passed away at Roosevelt Hospital in New York at age 77 following an illness.
Boards and committees
Reed held directorships at the Western Union Telegraph Company, American International Life Assurance Company of New York, First National Bank of West Palm Beach (Florida), and the Lafayette Fellowship Foundation based in Philadelphia.
Additionally, he served on the board of the American Cancer Society and acted as a trustee for the American School of Classical Studies in Athens, Roosevelt Hospital, and the United States Trust Company of New York.