Harshul Sanghi, head of the $1.3bn corporate venture capital division at US-listed credit card provider American Express (Amex), will retire at the end of March.
He will hand over to Matthew Sueoka, currently vice-president and head of global strategy, partnerships and enablement at Amex’s Digital Labs, who will be promoted to senior vice-president and global head of ventures.
Amex Ventures has backed 89 companies, including Stripe, Toast and Instacart, and has a portfolio worth tens of billions of dollars, according to Fortune, which reported on Sanghi’s planned retirement.
Sanghi, a GCV Powerlist award winner, said: “After 10 amazing years at Amex Ventures, I have decided it is time to step down and welcome new leadership. I am so proud of our growth over the past decade, and more importantly, what our portfolio companies have accomplished.
“When I founded Amex Ventures in 2011, I did not anticipate the extent to which fintech [financial technology] would emerge as the leading category for technology innovation and disruption.”
Sueoka added: “I have long watched the [Amex] Ventures team punch far above their weight, winning competitive deals and building scalable, long-lasting partnerships with companies that are pushing boundaries and changing industries. I will be continuing this legacy, as my team and I look for companies, founders, and technologies that have the potential to transform Amex and benefit customers and partners.”
Liz Arrington, head of consultancy Bell Mason Group and director of the GCV Institute for professional development, said: “It is interesting to see that the replacement for our friend Harshul Sanghi comes from the partnership side of the innovation house. Another telling example of the importance leading programs are placing on ‘end-to-end investing’ for both financial and strategic impact!”
