During World War II, he joined the US Army Air Forces where he served as Deputy Chief of Staff in the Office of Statistical Control.
After the war, Waters served as the President of the Massachusetts Steamship Authority, a ferry service between Cape Cod, Martha's Vineyard and Nantucket.
By the time Waters was hired in 1961, The American Express Card was number two in the industry behind Diners Club, still unprofitable, and management was unsure about what to do with the business.
Drawing on his Air Force computer experience, he installed a data processing system that kept track of card activity and improved accounting controls.
He and American Express CEO James D. Robinson commissioned Andrew Kershaw at Ogilvy and Mather to come up with an advertising tag line for the business.
The card had 9.5 million members, was generating close $1 billion in revenue, and accounted for the largest share of the company’s net income.
Still today, the American Express Card remains one of the most recognizable global brand names and the leading profit center for the company.