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. He is the third African American CEO of a Fortune 500 company.
Early life and education
Chenault was born in
Mineola, New York
Mineola is a village in and the county seat of Nassau County, on Long Island, in New York, United States. The population was 18,799 at the 2010 census. The name is derived from an Algonquin Chief, Miniolagamika, which means "pleasant village".
...
, the son of a dentist and dental hygienist. His father, Hortenius Chenault, was a graduate of Morehouse College and
Howard University
Howard University (Howard) is a Private university, private, University charter#Federal, federally chartered historically black research university in Washington, D.C. It is Carnegie Classification of Institutions of Higher Education, classifie ...
Dental School. The elder Chenault passed the New York 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 ...
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 yea ...
in
history
History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the invention of writing systems is considered prehistory. "History" is an umbrella term comprising past events as well ...
Chenault began his career as an associate at the law firm Rogers & Wells (1977–1979) in
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
, and as a consultant for
Bain & Company
Bain & Company is an American management consulting company headquartered in Boston, Massachusetts. The firm provides advice to public, private, and non-profit organizations. One of the Big Three management consultancies, Bain & Company was fou ...
(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 ...
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 ...
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, BR ...
Ebony
Ebony is a dense black/brown hardwood, coming from several species in the genus '' Diospyros'', which also contains the persimmons. Unlike most woods, ebony is dense enough to sink in water. It is finely textured and has a mirror finish when ...
'' 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
Howard University (Howard) is a Private university, private, University charter#Federal, federally chartered historically black research university in Washington, D.C. It is Carnegie Classification of Institutions of Higher Education, classifie ...
.
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 commencement ...
at
Wake Forest University
Wake Forest University is a private research university in Winston-Salem, North Carolina. Founded in 1834, the university received its name from its original location in Wake Forest, north of Raleigh, North Carolina. The Reynolda Campus, the un ...
and Northeastern University.
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
The Procter & Gamble Company (P&G) is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio, founded in 1837 by William Procter and James Gamble. It specializes in a wide range of personal health/consumer he ...
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 b ...
. Chenault has served on the board of directors of
Facebook
Facebook is an online social media and social networking service owned by American company Meta Platforms. Founded in 2004 by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Mosk ...
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 premiu ...
, 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 Harv ...
.
On February 6, 2017, Chenault was named Chair of the Advisory Council for the Smithsonian's
National Museum of African American History and Culture
The National Museum of African American History and Culture (NMAAHC) is a Smithsonian Institution museum located on the National Mall in Washington, D.C., in the United States. It was established in December 2003 and opened its permanent home in ...
.
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
Time is the continued sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future. It is a component quantity of various measurements used to sequence events, ...
''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 "Westche ...