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ADMINISTAFF AND AMERICAN EXPRESS COMPLETE MARKETING
ALLIANCE
- Anne Busquet, President of American Express
Relationship Services, Joins Administaff Board
HOUSTON, TX – March 10, 1998 –
Administaff, Inc. and American Express today completed their previously
announced marketing alliance to provide personnel management services
to American Express' substantial small business customer base across
the country. The agreement included the sale of 693,126 shares of
Administaff common stock with warrants to purchase approximately
two million additional shares at strike prices ranging from $40
to $80 per share to American Express for $17.7 million.
In Board action taken today and in connection
with the American Express transaction, Anne Busquet, President of
American Express Relationship Services (AERS), was elected to serve
on Administaff's Board of Directors, bringing the total number of
directors to nine.
Paul J. Sarvadi, Administaff's President and
Chief Executive Officer, commented, ``We are pleased to welcome
Anne to our Board. Her diverse industry experience and expertise
in the development of new products and services will be enormous
assets to Administaff and to the marketing alliance. We look forward
to her guidance in assisting us to develop cross-selling opportunities
that will strengthen our products and services and enhance our long-term
growth.''
In her current position at American Express,
Mrs. Busquet is responsible for the company's Fee Services, Merchandise
Services, Telecommunications Services and the Educational Financing
Group. A member of the American Express Planning and Policy Committee,
Mrs. Busquet also has worldwide responsibility for Interactive Enterprise
Development, a centralized group that manages the company's global
interactive strategy.
During her 20-year career at American Express,
Mrs. Busquet has held several managerial positions. From 1993 to
1995, she was Executive Vice President of the Credit Card Group
at American Express Travel Related Services (TRS) with responsibility
for the Personal Card, Gold Card and Platinum Card products. In
1991, she was named Senior Vice President and General Manager of
Merchandise Services, which offers diverse products and services
via mail order to American Express Cardmembers. Prior to that, Mrs.
Busquet held executive positions with the company's lending business,
including Senior Vice President and General Manager of the Optima
Card Division.
Administaff is one of the nation's leading Professional
Employer Organizations, providing a comprehensive Personnel Management
System that encompasses a broad range of services, including benefits
and payroll administration, medical and workers' compensation insurance
programs, personnel records management, liability management, employee
recruiting and selection, performance management, and training and
development services to small and medium-sized businesses. The Company
has 19 offices in 12 major markets and serves clients and worksite
employees throughout the United States.
American Express Relationship Services (AERS)
was formed in 1995 to deliver value-added products and services
to consumers and businesses by leveraging corporate assets in non-traditional
areas, such as insurance, telecommunications and educational funding,
and the Internet. AERS is a division of American Express Travel
Related Services Company Inc.
American Express Travel Related Services Company
is a wholly owned subsidiary of the American Express Company –
a diversified worldwide travel and financial services company founded
in 1850. It is a leader in charge and credit cards, Travelers Cheques,
travel, financial planning, investment products, insurance and international
banking.
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