Kenneth Irvine Chenault (born June 2, 1951) is an American business executive. He was the
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
and
Chairman
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...
of American Express from 2001 until 2018. He is the third African American CEO of a
Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by '' Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
company.
Early life and education
Chenault was born in Mineola, New York, the son of a dentist and dental hygienist. His father, Hortenius Chenault, was a graduate of Morehouse College and Howard University Dental School. The elder Chenault passed the
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* ...
State dental exam with the highest score ever recorded as of January 2014. Chenault is a member of Phi Beta Sigma fraternity. Kenneth Chenault attended the
Waldorf School
Waldorf education, also known as Steiner education, is based on the educational philosophy of Rudolf Steiner, the founder of anthroposophy. Its educational style is holistic, intended to develop pupils' intellectual, artistic, and practical skil ...
of Garden City, where he served as senior class president. He then received a
B.A.
Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years ...
Bowdoin College
Bowdoin College ( ) is a private liberal arts college in Brunswick, Maine. When Bowdoin was chartered in 1794, Maine was still a part of the Commonwealth of Massachusetts. The college offers 34 majors and 36 minors, as well as several joint eng ...
Harvard Law School
Harvard Law School (Harvard Law or HLS) is the law school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States.
Each class i ...
in 1976.
Career
Chenault began his career as an associate at the law firm
Rogers & Wells
Rogers & Wells was an international law firm founded in New York City in 1873. After several name changes, it was renamed for William P. Rogers and John A. Wells. Firms that merged with it include Dwight, Harris, Koegel & Caskey of New York. ...
(1977–1979) in New York City, and as a consultant for Bain & Company (1979–1981).
Chenault joined American Express in 1981, working in its Strategic Planning Group. He became
president
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
and
chief operating officer
A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the " C-suite". The COO is usually the second-in-command at the firm, especially if t ...
in 1997. He became CEO of American Express in 2001.
Chenault has served on several boards throughout his career. Beginning in 2007, he served on the Executive Committee of the
Business Roundtable
The Business Roundtable (BRT) is a nonprofit lobbyist association based in Washington, D.C. whose members are chief executive officers of major United States companies. Unlike the U.S. Chamber of Commerce, whose members are entire businesses, B ...
and a member of the
Council on Foreign Relations
The Council on Foreign Relations (CFR) is an American think tank specializing in U.S. foreign policy and international relations. Founded in 1921, it is a nonprofit organization that is independent and nonpartisan. CFR is based in New York City ...
. Chenault served as a member of the Executive Committee of
The Business Council
The Business Council is an organization of business leaders headquartered in Washington, D.C.The Business Council, Official website, Executive Committee
In 1995, '' Ebony'' listed him as one of 50 "living pioneers" in the African-American community. 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.
In May 2010, he gave the
commencement speech
A commencement speech or commencement address is a speech given to graduating students, generally at a university, although the term is also used for secondary education institutions and in similar institutions around the world.
The commenceme ...
Northeastern University
Northeastern University (NU) is a private research university with its main campus in Boston. Established in 1898, the university offers undergraduate and graduate programs on its main campus as well as satellite campuses in Charlotte, North Ca ...
.
As CEO of American Express in 2007 and 2008, Chenault earned a total compensation of $50,126,585 and $42,752,461 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. In 2016, Chenault earned a total compensation of $22 million.
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. In December 2018, it was announced that Chenault would step down from his board roles at IBM and Procter & Gamble on February 13, 2019.
In January 2018, Chenault announced he would become chairman and managing director of
General Catalyst Partners
A general officer is an officer of high rank in the armies, and in some nations' air forces, space forces, and marines or naval infantry.
In some usages the term "general officer" refers to a rank above colonel."general, adj. and n.". OED O ...
and joined the board of directors of
Airbnb
Airbnb, Inc. ( ), based in San Francisco, California, operates an online marketplace focused on short-term homestays and experiences. The company acts as a broker and charges a commission from each booking. The company was founded in 2008 by ...
. Chenault has served on the board of directors of Facebook since February 2018. In March 2020 it was announced that Chenault was stepping down from the Facebook board and joining the board of
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiums ...
, replacing Bill Gates.
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
Old North Church (officially, Christ Church in the City of Boston), at 193 Salem Street, in the North End, Boston, is the location from which the famous "One if by land, two if by sea" signal is said to have been sent. This phrase is related ...
.
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.
On February 10, 2014, it was announced that he had been elected to fill a vacated seat of the
Harvard Corporation
The President and Fellows of Harvard College (also called the Harvard Corporation or just the Corporation) is the smaller and more powerful of Harvard University's two governing boards, and is now the oldest corporation in America. Together with ...
; 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 The Harvard Board of Overseers (more formally The Honorable and Reverend the Board of Overseers) is one of Harvard University's two governing boards. Although its function is more consultative and less hands-on than the President and Fellows of Ha ...
.
On February 6, 2017, Chenault was named Chair of the Advisory Council for the Smithsonian's National Museum of African American History and Culture.
In April 2019, he was appointed as a member of the NCAA's Board of Governors. In 2021, he appeared on the ''Time'' 100, '' Time''s annual list of the 100 most influential people in the world.
Personal life
Chenault resides in New Rochelle, New York, with his wife and children. Chenault is a member of
Westchester Country Club
Westchester Country Club is a private country club located in Town of Harrison, New York. Founded in 1922 as destination for sportsmen, it was known to professional golf players and spectators for more than four decades as the home of the " Westch ...