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The Stamford firm’s first-quarter financial results found net sales drop to $541 million from $609.9 million in the first quarter of 2019. Quarterly net income plummeted to $42.4 million from $72.2 million year-over-year.
Neither company will be required to pay the other a termination fee as a result of their mutual decision.
Jeffrey C. Campbell has been chief financial officer at American Express Co. since August 2013.
As part of the partnership, a joint research and development laboratory will be established in France.
"We expect to enter a period of record cash generation,” Chairman, CEO and President Nick Stanage said.
Patrick Winterlich will replace Wayne Pensky effective Sept. 1.