American Express Co. (NYSE: AXP) says its president, Alfred F. Kelly Jr., will step down early next year, according to Associated Press.

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The payment card company said Monday that Kelly wants to run a company as chief executive.

American Express Chairman and CEO Kenneth I. Chenault says in the statement that Kelly realized that opportunity was not likely to open at American Express in the short term.

Chenault says Kelly will continue to lead the card issuer's transition to a bank holding company until his departure.

Kelly has been president and head of the global consumer group of American Express since 2007.

American Express shares are up 68 cents, or 2.1 percent, to $33.21 in morning trading.

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