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 grou ...
of
American Express
American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was found ...
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
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
, mottoeng = And there was light (literal translation of Latin itself translated from Hebrew: "And light was made")
, type = Private historically black men's liberal arts college
, academic_affiliations ...
and
Howard University
Howard University (Howard) is a private, federally chartered historically black research university in Washington, D.C. It is classified among "R2: Doctoral Universities – High research activity" and accredited by the Middle States Commissi ...
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
Phi Beta Sigma Fraternity, Inc. () is a historically African American fraternity. It was founded at Howard University in Washington, D.C. on January 9, 1914, by three young African-American male students with nine other Howard students as char ...
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 yea ...
in
history
History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the History of writing#Inventions of writing, invention of writing systems is considered prehistory. "History" is an umbr ...
from
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 ...
in 1976.
Career
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 List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, 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 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, BRT ...
and a member of the
Council on Foreign Relations
The Council on Foreign Relations (CFR) is an American think tank
A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, mi ...
. Chenault served as a member of the Executive Committee of
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 pol ...
'' 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, federally chartered historically black research university in Washington, D.C. It is classified among "R2: Doctoral Universities – High research activity" and accredited by the Middle States Commissi ...
.
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
Northeastern University (NU) is a private university, 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 ...
.
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 hea ...
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 M ...
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 corporation, multinational conglomerate (company), conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from ...
, 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, to ...
''s annual list of the 100 most influential people in the world.
Personal life
Chenault resides in
New Rochelle, New York
New Rochelle (; older french: La Nouvelle-Rochelle) is a city in Westchester County, New York, United States, in the southeastern portion of the state. In 2020, the city had a population of 79,726, making it the seventh-largest in the state of ...
, 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 ...