Bloomberg News

MINNEAPOLIS — After reporting $826 million of junk bond losses, American Express Co. announced Friday that Stuart Sedlacek, chief financial officer of its money management unit, would retire by yearend.

Marie Davis, an Amex spokeswoman, said Walter Berman, an internal consultant, will take over as acting CFO of American Express Financial Advisors until a permanent successor is found. Mr. Sedlacek, 43, announced his retirement to employees Thursday, and he plans to spend more time with his family, Ms. Davis said.

The company also plans to hire someone for the new post of risk specialist, she said.

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