Kenneth Chenault Explained

Ken Chenault
Birth Name:Kenneth Irvine Chenault
Birth Date:2 June 1951
Birth Place:Mineola, New York, U.S.
Spouse:Kathryn Chenault
Education:Bowdoin College (BA)
Harvard University (JD)
Occupation:Former CEO of American Express[1] [2]

Kenneth Irvine Chenault (born June 2, 1951) is an American business executive. He was the CEO and Chairman of American Express from 2001 until 2018.[3] [4] He is currently the Chairman of the global venture capital firm, General Catalyst.

Early life and education

Chenault was born in Mineola, New York, the son of a dentist and dental hygienist.[5] His father, Hortenius Chenault, was a graduate of Morehouse College and Howard University Dental School. The elder Chenault passed the New York State dental exam with the highest score ever recorded as of January 2014.[6] Chenault is a member of Phi Beta Sigma fraternity. Kenneth Chenault attended the Waldorf School of Garden City,[7] where he was senior class president.[5] He then received a B.A. in history from Bowdoin College in 1973 and a J.D. from Harvard Law School in 1976.

Career

Chenault began his career as an associate at the law firm Rogers & Wells (1977–1979) in New York City, and as a consultant for Bain & Company (1979–1981).[8]

Chenault joined American Express in 1981, working in its Strategic Planning Group.[9] He became president and chief operating officer in 1997.[9] He became CEO of American Express in 2001.[10]

Chenault has sat on several boards throughout his career. Beginning in 2007, he was on the executive committee of the Business Roundtable[11] [12] and a member of the Council on Foreign Relations.[13] Chenault was a member of the executive committee of The Business Council in 2011 and 2012.[14]

In 1995, Ebony listed him as one of 50 "living pioneers" in the African-American community.[15] Chenault was inducted into the Junior Achievement U.S. Business Hall of Fame in 2002. In 2008, he gave the commencement address at Howard University.[16]

In May 2010, he gave the commencement speech at Wake Forest University[17] and Northeastern University.[18]

As CEO of American Express in 2007 and 2008, Chenault earned a total compensation of $50,126,585[19] and $42,752,461[20] respectively. In 2009, he earned a total compensation of $16,617,639, which included a base salary of $1,201,923, a cash bonus of $10,450,000, an option grant of $3,985,637, and other compensation worth $980,079.[21] In 2016, Chenault earned a total compensation of $22 million.[22]

On October 18, 2017, he announced that he would retire as its chairman and chief executive on February 1, 2018. He was succeeded by Stephen J. Squeri.[23] In December 2018, it was announced that Chenault would step down from his board roles at IBM and Procter & Gamble on February 13, 2019.[24]

In January 2018, Chenault announced he would become chairman and managing director of General Catalyst Partners[25] and joined the board of directors of Airbnb.[26] Chenault has been on the board of directors of Facebook since February 2018.[27] In March 2020 it was announced that Chenault was stepping down from the Facebook board and joining the board of Berkshire Hathaway, replacing Bill Gates.[28] [29]

Civic activities

On November 15, 2010, Old North Foundation recognized Chenault with its Third Lantern Award for individual commitment and dedication to public service. The Foundation honored Chenault and American Express for their significant contributions to the preservation efforts of many significant monuments and landmark structures, including the steeple of the Old North Church.[30] Chenault and wife, Kathryn, are founding donors to the Art for Justice Fund, which aims to reduce prison populations and strengthen employment opportunities for those leaving.[31]

On February 10, 2014, it was announced that he had been elected to fill a vacated seat of the Harvard Corporation; the Corporation is the chief fiduciary authority of the university and is the smaller of the two governing boards, the other being the Harvard Board of Overseers.[32] [33]

On February 6, 2017, Chenault was named chair of the advisory council for the Smithsonian's National Museum of African American History and Culture.[34]

In April 2019, he was appointed as a member of the NCAA's Board of Governors.[35] In 2021, he appeared on the Time 100, Times annual list of the 100 most influential people in the world.[36]

Personal life

Chenault resides in New Rochelle, New York, with his wife and children.[37] Chenault is a member of Westchester Country Club.[38]

Notes and References

  1. Web site: American Express CEO Ken Chenault: 'There's a $25 trillion opportunity' . fortune.com . 2015-08-09.
  2. Web site: An interview with Kenneth Chenault, CEO at American Express . london.edu . 2015-08-09.
  3. Web site: Board of Directors and Executive Officers . 2007-05-11 . . dead . https://web.archive.org/web/20061021200956/http://ir.americanexpress.com/phoenix.zhtml?c=64467&p=irol-govManage . 2006-10-21 .
  4. Web site: Kenneth I Chenault profile . https://web.archive.org/web/20071224140837/http://www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=935397 . dead . December 24, 2007 . 2007-05-11 . Forbes.
  5. Web site: Kenneth Chenault Biography – Facts, Birthday, Life Story . https://archive.today/20120723045233/http://www.biography.com/search/article.do?id=37719 . dead . 2012-07-23 . Biography.com . 1951-06-02 . 2012-03-20 .
  6. Web site: Chenault, Hortenius · Notable Kentucky African Americans Database. nkaa.uky.edu. 2019-08-13.
  7. lived in the incorporated village of Hempstead."Ken Chenault: The Rise of a Star" Business Week Dec. 21, 1998
  8. Web site: Kenneth I. Chenault. 25 February 2013. live. https://web.archive.org/web/20170122004639/https://obamawhitehouse.archives.gov/administration/advisory-boards/jobs-council/members/chenault. National Archives. whitehouse.gov. 22 January 2017.
  9. News: KEN CHENAULT: THE RISE OF A STAR . https://web.archive.org/web/19991004090327/http://www.businessweek.com/1998/51/b3609001.htm . dead . October 4, 1999 . December 21, 1998 . 2007-05-11 . Anthony . Bianco . Business Week.
  10. News: American Express CEO Ken Chenault to leave after 17-year run. Moyer. Liz. 2017-10-18. CNBC. 2018-01-25.
  11. Web site: About us: Officers . 2007-05-11 . . https://web.archive.org/web/20070202203003/http://www.businessroundtable.org/aboutUs/officers.aspx . 2007-02-02.
  12. Web site: Business Roundtable. www.businessroundtable.org. 2019-11-18.
  13. See for example the transcript of a luncheon over which he presided: Web site: New Realities in the Media Age: A Conversation with Donald Rumsfeld . February 17, 2006 . 2007-05-11 . . dead . https://web.archive.org/web/20080810132926/http://www.cfr.org/publication/9900/new_realities_in_the_media_age.html . August 10, 2008 .
  14. http://www.thebusinesscouncil.org/about/excommittee.aspx The Business Council, Official website, Executive Committee
  15. News: 50 who changed America – influential African Americans . November 1995 . . 2007-05-11 . dead . https://web.archive.org/web/20070702073330/http://findarticles.com/p/articles/mi_m1077/is_n1_v51/ai_17531062 . 2007-07-02 .
  16. Web site: Commencement Speech at Howard University . Howard.edu . 2008-05-10 . 2012-03-20.
  17. http://www.wfu.edu/wowf/2010/20100322.commencement.php American Express CEO to deliver address
  18. http://www.northeastern.edu/news/stories/2010/03/chenault.html May commencement speakers announced
  19. http://www.equilar.com/CEO_Compensation/American_Express_Kenneth_I._Chenault.php 2007 CEO Compensation for Kenneth I. Chenault
  20. http://www.equilar.com/CEO_Compensation/American_Express_Kenneth_I._Chenault.php 2008 CEO Compensation for Kenneth I. Chenault
  21. http://www.equilar.com/CEO_Compensation/American_Express_Kenneth_I._Chenault.php 2009 CEO Compensation for Kenneth I. Chenault
  22. News: American Express Lifts Chenault's Pay 19% to $22 Million for '16. 2017-03-20. Bloomberg.com. 2018-01-28. en.
  23. News: American Express CEO Kenneth Chenault to Step Down After 16 Years. Andriotis. AnnaMaria. 2017-10-18. Wall Street Journal. 2018-01-31. en-US. 0099-9660.
  24. News: Former AmEx Chief Ken Chenault Leaves Director Posts at P&G, IBM. Bloomberg. 27 December 2018 . 2019-01-09.
  25. News: For His Next Act, Ken Chenault Turns His Focus on Silicon Valley. Sorkin. Andrew Ross. 2018. The New York Times. 2018-02-23. en-US. 0362-4331.
  26. News: Airbnb Adds Outgoing American Express CEO Kenneth Chenault To Board of Directors. Carson. Biz. Forbes. 2018-06-05. en.
  27. Web site: Investor Relations. Facebook. May 6, 2018.
  28. https://www.reuters.com/article/us-berkshire-buffett-pay/berkshire-taps-former-amex-ceo-kenneth-chenault-for-board-as-bill-gates-steps-aside-idUSKBN2103A7 Reuters: March, 13, 2020:
  29. https://www.blackenterprise.com/ken-chenault-leaves-facebook-board-as-he-is-appointed-l/ Black Enterprise: March, 13, 2020: Kenneth Chenault leaves Facebook board as he is appointed to board of Berkshire Hathaway
  30. Web site: Kenneth Chenault, American Express Chairman and CEO Receives. Bloomberg. 12 March 2013.
  31. News: Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund. Pogrebin. Robin. 2017-06-11. The New York Times. 2017-09-20. en-US. 0362-4331.
  32. News: Kenneth Chenault: Corporate CEO . February 2002 . 2007-05-11 . CNN . https://web.archive.org/web/20070219185523/http://www.cnn.com/SPECIALS/2002/black.history/stories/08.chenault/ . 2007-02-19.
  33. Web site: Kenneth Chenault and Karen Gordon Mills to join Harvard Corporation. 10 February 2014.
  34. Web site: National Museum of African American History and Culture Names Kenneth I. Chenault Chairman of its Advisory Council. 2017-02-06. National Museum of African American History and Culture. en. 2019-03-19.
  35. News: NCAA adds 5 independent voices to Board of Governors. https://web.archive.org/web/20190513181639/https://www.washingtonpost.com/sports/colleges/ncaa-adds-5-independent-voices-to-board-of-governors/2019/04/30/69eaeda2-6b9c-11e9-bbe7-1c798fb80536_story.html. dead. May 13, 2019. April 30, 2019. Washington Post. 2019-05-13.
  36. Web site: Haynes . Danielle . Prince Harry, Meghan Markle, Simone Biles top TIME 100 list . . November 13, 2021 . en . September 15, 2021.
  37. Web site: Sexton . Julia . Westchester Magazine . Westchester Magazine . 2009-01-23 . 2012-03-20 . dead . https://web.archive.org/web/20110718041321/http://www.westchestermagazine.com/Westchester-Magazine/February-2009/Honoring-Our-Own/ . 2011-07-18 .
  38. Web site: Ken Chenault Net Worth How rich is Ken Chenault? . www.celebritynews24-7.com . dead . https://web.archive.org/web/20180110054734/http://www.celebritynews24-7.com/ken-chenault-net-worth/ . 2018-01-10.

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