Credit Management magazine May2017

INTERVIEW
EXERCISING
MINDS
Sean Feast speaks to Karen Penney, VP and GM Commercial
Payments and Small Business Services UK at American Express
about the importance of small businesses, cashflow, and planking.
K
AREN Penney had always wanted to be a
teacher, until the metaphorical bright lights,
bustle and business suits of The City captured
her imagination and ultimately led her to a
successful career in financial services.
“I was one of those annoying children who actually
enjoyed school,” she laughs, “and was always asking
questions, especially in English. At first I wanted to
be a teacher too, but my father moved into finance
after playing professional football, and I remember
emerging from Bank Station one day and experiencing
how exciting it all seemed and thinking ‘this is where I
want to work’.”
Originally from north London, Karen was educated
locally before winning a place at an independent
school (Haberdashers Askes for Girls) which proved a
route to Oxford (Jesus College) and a degree in English
Literature. Careers advice, she recalls, was all-but nonexistent:
“It was a cupboard at the end of a corridor
filled with brochures and university prospectuses,” she
smiles.
On leaving Oxford she joined a graduate training
programme at a high street bank from which she
learned much, both good and bad: “I enjoyed the actual
training, but came up against an ‘old school’ manager
who’d taken 15 years to attain a level that I had reached
in two, and he resented it. It was a first business lesson:
it showed me that the people you work for are often
more important than the job you actually do.”
We take a ‘solutions-driven’ approach: a
customer tells us what they are trying to achieve,
and we tell them how we can help them achieve
it. We call it ‘working capital optimisation’.
REWARDING ABILITY
Seeking a job that recognised and rewarded ability above
length of service, she ultimately joined The Bankers
Trust, and spent a happy period working hard, often long
into the evening, on projects that both challenged and
interested her, and allowed her to travel across Europe
and the US. This was undoubtedly a ‘happy time’ for Karen,
which made her return to the business after maternity
leave all the more disappointing when her role – and her
department – were made redundant.
As is so often the way in life, however, from adversity
came opportunity, and through outplacement support she
was introduced to a senior executive about to become
general manager of Diners Club, and thus began a career
in the cards and credit industry that continues to this day.
Not surprisingly, perhaps, Karen’s skills were much
in demand, and a position at Air Miles (the precursor
to Avios) to manage its relationship with a bank client
proved a tempting offer.
Karen found that her previous experience proved an
advantage, and it was not long before she was running
the whole of Air Miles’ sales and account management
operation. A change in management, however, led to a
change in culture and a catalyst to look elsewhere, and
that is when Karen took up an opportunity with American
Express in business development.
In 15 years at American Express, Karen has risen
through the ranks to now head up the UK’s (Commercial
Payments) team, engaged with all aspects of the
business including sales, account management, risk,
credit, marketing and product development, all of which
ultimately feed into sales.
“Everything we do centres around helping our
customers to streamline indirect expenses, get better
visibility and generate savings,” she explains.
continues on page 22 >
The recognised standard
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