Stuart Sedlacek , the chief financial officer for Minneapolis-based American Express Financial Advisors , will leave his post next month and retire from the company at the end of 2001
The move comes mere days after the company disclosed that it would cut up to 1 , 000 jobs in Minneapolis and as many as 5 , 000 worldwide amid an expected 76 percent decline in its second-quarter earnings and losses in its junk-bond portfolio that will top $1 billion in the first half of 2001.
The bond losses came from the financial-advice unit , which employs about 8 , 000 people downtown , making it one of the top private employers in the state.The Wall Street Journal
reported Friday that American Express
was invested in the risky high-yield bonds at levels above industry norms and that top leaders were not aware when those investments headed south.
O'Neill said Sedlacek
will remain in Minneapolis to assist with the transition.
Asked if the timing of the departure was related to the recent performance of the financial advisors unit , O'Neill said the decision was Sedlacek's