American Express cut chief executive officer Kenneth Chenault's pay 26 percent to the lowest level since 2008 after the credit-card lender's stock and profit slumped last year.

The board awarded him $18.5 million for 2015, according to a filing on Monday. Chenault, the company's leader since 2001, has ranked among the U.S. financial industry's highest paid CEOs in recent years, with a $25.1 million package for 2014.

Chenault, who also serves as chairman, has been shaking up management and reshaping divisions to rejuvenate earnings amid stiffer competition, a strong U.S. dollar and new regulations. The New York-based lender's stock tumbled 25 percent last year as net income fell 12 percent. The shares have slid an additional 12 percent this year.

"We recognize that our 2015 performance was disappointing," Chenault, 64, told investors during an annual presentation on March 10. "I can assure you, we're not standing still."

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