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. When he was named AMEX chair, he became the third Black CEO of a Fortune 500 company. Since 2018, he has been chairman and managing director of General Catalyst, a venture capital firm.
Early life and education
Chenault, who is of African American heritage, was born in Mineola, New York. His mother, Anne N. Quick Chenault, was a dental hygienist, and his father, Dr. Hortenius Chenault, was a dentist,
He attended the Waldorf School of Garden City, where he was senior class president. After Bowdoin, Chenault attended Harvard Law School, where he received his J.D. 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).
American Express
Chenault worked 37 years at American Express, a financial services corporation and bank holding company. He became president and chief operating officer in 1997.
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 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.
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.
General Catalyst
In January 2018, Chenault announced he would become chairman and managing director of General Catalyst Partners.
Board affiliations
Chenault has sat on several boards throughout his career. Beginning in 2007, he was on the executive committee of the Business Roundtable and a member of the Council on Foreign Relations.
In 2011 and 2012, Chenault was a member of the executive committee of The Business Council.
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.
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 2018, he joined the board of directors of Airbnb.
From February 2018 to March 2020, he was on the board of directors of Facebook.
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 April 2019, he was appointed as a member of the NCAA's Board of Governors.
In March 2020, he joined the board of Berkshire Hathaway, replacing Bill Gates.
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.
Personal life
Chenault and his family reside in New York City.
Honors and awards
- 1995 -- Ebony listed him as one of 50 "living pioneers" in the African-American community.
- 1996 -- Honorary degree from Bowdoin College, his alma mater.
- 2010 -- Commencement speaker, Wake Forest University
- 2010 -- Commencement speaker, Northeastern University.
- 2021 -- Time 100, Times annual list of the 100 most influential people in the world.
- 2024 -- Speaker, 2024 Democratic National Convention in support of Kamala Harris and Tim Walz.