Kenneth Chenault
Ken Chenault | |
|---|---|
| File:Kenneth Chenault.jpg Chenault in 2012 | |
| Born | Kenneth Irvine Chenault June 2, 1951 Mineola, New York, U.S. |
| Education | Bowdoin College (BA) Harvard University (JD) |
| Title | Former chairman and CEO of American Express[1][2] |
| Spouse | Kathryn Chenault |
| Children | 2 |
Kenneth Irvine Chenault (born June 2, 1951) is an American businessman who was chairman and chief executive officer (CEO) of American Express (AMEX) from 2001 to 2018.[3][4] When he was named AMEX chair, he became the third Black CEO of a Fortune 500 company.[5] Since 2018, he has been chairman and managing director of General Catalyst, a venture capital firm.[6]
Early life and education
[edit | edit source]Chenault, who is of African American heritage, was born in Mineola, New York.[7] His mother, Anne N. Quick Chenault, was a dental hygienist,[8] and his father, Dr. Hortenius Chenault, was a dentist,[8] who graduated from Morehouse College and Howard University College of Dentistry,[9] and passed the New York State dental exam with the highest score ever recorded as of January 2014.[9]
He attended the Waldorf School of Garden City,[10] where he was senior class president.[7] He received a B.A. in history from Bowdoin College in 1973, and was awarded the Bowdoin Prize, the "highest honor the College bestows upon its members" in 2022.[11] After Bowdoin, Chenault attended Harvard Law School, where he received his J.D. in 1976.[12][13]
Career
[edit | edit source]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).[14][15]
American Express
[edit | edit source]Chenault worked 37 years at American Express, a financial services corporation and bank holding company.[6] He joined the company in 1981, working in its Strategic Planning Group.[16] He became president and chief operating officer in 1997.[16] He became CEO of American Express in 2001.[17]
As CEO of American Express in 2007 and 2008, Chenault earned a total compensation of $50,126,585[18] and $42,752,461[19] 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.[20] In 2016, Chenault earned a total compensation of $22 million.[21]
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.[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]
General Catalyst
[edit | edit source]In January 2018, Chenault announced he would become chairman and managing director of General Catalyst Partners.[24]
Board affiliations
[edit | edit source]Chenault has sat on several boards throughout his career. Beginning in 2007, he was on the executive committee of the Business Roundtable[25][26] and a member of the Council on Foreign Relations.[27]
In 2011 and 2012, Chenault was a member of the executive committee of The Business Council.[28]
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.[14][12]
On February 6, 2017, Chenault was named chair of the advisory council for the Smithsonian's National Museum of African American History and Culture.[29]
In 2018, he joined the board of directors of Airbnb.[30]
From February 2018 to March 2020, he was on the board of directors of Facebook.[30][31][32]
In December 2018, it was announced that Chenault would step down from his board roles at IBM and Procter & Gamble on February 13, 2019.[33]
In April 2019, he was appointed as a member of the NCAA's Board of Governors.[34]
In March 2020, he joined the board of Berkshire Hathaway, replacing Bill Gates.[35][32]
He is a co-founder of OneTen, a non-profit organization that creates job opportunities for individuals without four year degrees.[6][36]
He is a board member of National September 11 Memorial and Museum at the World Trade Center, Bloomberg Philanthropies, the Council on Foreign Relations, the Human Centered Artificial Intelligence Institute Advisory Council at Stanford University, and NYU Langone Health.[6]
Philanthropy
[edit | edit source]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.[37]
Personal life
[edit | edit source]Chenault and his family reside in New York City.[6][38]
Honors and awards
[edit | edit source]- 1995 -- Ebony listed him as one of 50 "living pioneers" in the African-American community.[39]
- 1996 -- Honorary degree from Bowdoin College, his alma mater.[11]
- 2002 -- Junior Achievement U.S. Business Hall of Fame
- 2008 -- Commencement speaker, Howard University.[40]
- 2010 -- Commencement speaker, Wake Forest University[41]
- 2010 -- Commencement speaker, Northeastern University.[42]
- 2021 -- Time 100, Time's annual list of the 100 most influential people in the world.[43]
- 2024 -- Speaker, 2024 Democratic National Convention in support of Kamala Harris and Tim Walz.[44][45]
References
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- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Black History Month: Kenneth Chenault. David Eccles School of Business, University of Utah.
- ^ a b c d e Ken Chenault. Chairman & Managing Director. Investment Team. General Catalyst.
- ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ a b Kenneth Irvine Chenault: Former CEO of American Express. Black Business Ventures Association.
- ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ lived in the incorporated village of Hempstead."Ken Chenault: The Rise of a Star" Business Week Dec. 21, 1998
- ^ a b Bowdoin News (November 3, 2022). The Bowdoin Prize: Kenneth I. Chenault ’73, H’96 Receives College's Highest Honor. Bowdoin College.
- ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ HLS News Staff (December 6, 2011). Leadership Profile: A Conversation with Kenneth I. Chenault ’76. Harvard Law Bulletin. Winter 2011.
- ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ 2007 CEO Compensation for Kenneth I. Chenault Archived 2009-04-14 at the Wayback Machine, Equilar
- ^ 2008 CEO Compensation for Kenneth I. Chenault Archived 2009-04-14 at the Wayback Machine, Equilar
- ^ 2009 CEO Compensation for Kenneth I. Chenault Archived 2009-04-14 at the Wayback Machine, Equilar
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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- ^ See for example the transcript of a luncheon over which he presided: Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ The Business Council, Official website, Executive Committee Archived 2013-07-21 at the Wayback Machine
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ a b Black Enterprise: March, 13, 2020: Kenneth Chenault leaves Facebook board as he is appointed to board of Berkshire Hathaway
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Reuters: March, 13, 2020:
- ^ OneTen.
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ American Express CEO to deliver address, Window on Wake Forest, March 22, 2010. Accessed 2010-03-22.
- ^ May commencement speakers announced Archived 2010-03-25 at the Wayback Machine, Northeastern University, March 22, 2010. Accessed 2010-03-23.
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External links
[edit | edit source]
- 1951 births
- Living people
- 21st-century African-American businesspeople
- 21st-century American businesspeople
- American chief executives of financial services companies
- American Express people
- American management consultants
- Bain & Company employees
- Bowdoin College alumni
- Directors of Facebook
- Directors of IBM
- Harvard Law School alumni
- People from Mineola, New York
- Businesspeople from New Rochelle, New York
- Waldorf school alumni
- American chief executives of Fortune 500 companies
- African-American history of Westchester County, New York