Kenneth Chenault

Kenneth Chenault
Chenault and his wife at President Barack Obama's second state dinner
Born Kenneth Irvine Chenault
(1951-06-02) June 2, 1951
Mineola, New York
Alma mater Bowdoin College
Harvard University
Occupation Former CEO of American Express[1][2]
Salary US$2 million (2016)[3]
Spouse(s) Kathryn Chenault

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.[4][5] He is the third black CEO of a Fortune 500 company.[6]

Early life and education

Chenault was born in Mineola, New York, Nassau County, the son of a dentist and dental hygienist.[7] His father, Hortenius Chenault, was a graduate of Morehouse College and Howard University Dental School. The elder Chenault passed the New York State dental exam with the highest score ever recorded as of January 2014.[8] Kenneth Chenault attended the Waldorf School of Garden City,[9] where he served as senior class president.[7] He then received a B.A. in history from Bowdoin College in 1973, and a J.D. from Harvard Law School 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).[10][11]

Chenault joined American Express in 1981, working in the Strategic Planning Group.[12] He became president and chief operating officer in 1997.[12] He became CEO of American Express in 2001.[13]

Chenault is the co-chair of the Business Roundtable,[14] a board member at IBM,[5][12] and a member of the Council on Foreign Relations.[15] He is a member of the Executive Committee of The Business Council for 2011 and 2012.[16]

In 1995, Ebony listed him as one of 50 "living pioneers" in the African-American community.[17] 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.[18]

In May 2010, he gave the commencement speech at Wake Forest University[19] and Northeastern University.[20]

As CEO of American Express in 2007 and 2008, Chenault earned a total compensation of $50,126,585[21] and $42,752,461[22] 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.[23] In 2016, Chenault earned a total compensation of $22 million.[24]

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.[25]

In January 2018, Chenault announced he would become chairman and managing director of General Catalyst Partners[26] and joined the board of directors of Airbnb.[27]

Chenault has served on the board of directors of Facebook since February 2018.[27][28]

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.[29]

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.[30]

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).[10][31]

Personal life

Chenault resides in New Rochelle, New York, with his wife and children.[32] Chenault is a member of Westchester Country Club.[33]

References

  1. ↑ "American Express CEO Ken Chenault: 'There's a $25 trillion opportunity'". fortune.com. Retrieved 2015-08-09.
  2. ↑ "An interview with Kenneth Chenault, CEO at American Express". london.edu. Retrieved 2015-08-09.
  3. ↑ Surane, Jennifer. "American Express Lifts Chenault's Pay 19% to $22 Million for '16". Bloomberg. Retrieved 28 January 2018.
  4. ↑ "Board of Directors and Executive Officers". American Express. Archived from the original on 2006-10-21. Retrieved 2007-05-11.
  5. 1 2 "Kenneth I Chenault profile". Forbes. Retrieved 2007-05-11.
  6. ↑ White, Gillian B. "There Are Currently 4 Black CEOs in the Fortune. 500". The Atlantic. Retrieved 2018-01-25.
  7. 1 2 "Kenneth Chenault Biography – Facts, Birthday, Life Story". Biography.com. 1951-06-02. Retrieved 2012-03-20.
  8. ↑ http://nkaa.uky.edu/record.php?note_id=508
  9. ↑ lived in the incorporated village of hempstead ."Ken Chenault: The Rise of a Star" Business Week Dec. 21, 1998
  10. 1 2 "Kenneth Chenault: Corporate CEO". CNN. February 2002. Archived from the original on 2007-02-19. Retrieved 2007-05-11.
  11. ↑ "Kenneth I. Chenault". The White House. Archived from the original on 17 January 2013. Retrieved 25 February 2013.
  12. 1 2 3 Bianco, Anthony (December 21, 1998). "KEN CHENAULT: THE RISE OF A STAR". Business Week. Retrieved 2007-05-11.
  13. ↑ Moyer, Liz (2017-10-18). "American Express CEO Ken Chenault to leave after 17-year run". CNBC. Retrieved 2018-01-25.
  14. ↑ "About us: Officers". Business Roundtable. Archived from the original on 2007-02-02. Retrieved 2007-05-11.
  15. ↑ See for example the transcript of a luncheon over which he presided: "New Realities in the Media Age: A Conversation with Donald Rumsfeld". Council on Foreign Relations. February 17, 2006. Archived from the original on August 10, 2008. Retrieved 2007-05-11.
  16. ↑ The Business Council, Official website, Executive Committee Archived 2013-07-21 at the Wayback Machine.
  17. ↑ "50 who changed America – influential African Americans". Ebony. November 1995. Archived from the original on 2007-07-02. Retrieved 2007-05-11.
  18. ↑ "Commencement Speech at Howard University". Howard.edu. 2008-05-10. Retrieved 2012-03-20.
  19. ↑ American Express CEO to deliver address, Window on Wake Forest, March 22, 2010. Accessed 2010-03-22.
  20. ↑ May commencement speakers announced Archived 2010-03-25 at the Wayback Machine., Northeastern University, March 22, 2010. Accessed 2010-03-23.
  21. ↑ 2007 CEO Compensation for Kenneth I. Chenault Archived 2009-04-14 at the Wayback Machine., Equilar
  22. ↑ 2008 CEO Compensation for Kenneth I. Chenault Archived 2009-04-14 at the Wayback Machine., Equilar
  23. ↑ 2009 CEO Compensation for Kenneth I. Chenault Archived 2009-04-14 at the Wayback Machine., Equilar
  24. ↑ "American Express Lifts Chenault's Pay 19% to $22 Million for '16". Bloomberg.com. 2017-03-20. Retrieved 2018-01-28.
  25. ↑ Andriotis, AnnaMaria (2017-10-18). "American Express CEO Kenneth Chenault to Step Down After 16 Years". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-01-31.
  26. ↑ Sorkin, Andrew Ross (2018). "For His Next Act, Ken Chenault Turns His Focus on Silicon Valley". The New York Times. ISSN 0362-4331. Retrieved 2018-02-23.
  27. 1 2 Carson, Biz. "Airbnb Adds Outgoing American Express CEO Kenneth Chenault To Board of Directors". Forbes. Retrieved 2018-06-05.
  28. ↑ "Investor Relations". Facebook. Retrieved May 6, 2018.
  29. ↑ "Kenneth Chenault, American Express Chairman and CEO Receives". Bloomberg. Retrieved 12 March 2013.
  30. ↑ Pogrebin, Robin (2017-06-11). "Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund". The New York Times. ISSN 0362-4331. Retrieved 2017-09-20.
  31. ↑ http://news.harvard.edu/gazette/story/2014/02/chenault_gordon_mills_named/
  32. ↑ Sexton, Julia (2009-01-23). "Westchester Magazine". Westchester Magazine. Archived from the original on 2010-12-14. Retrieved 2012-03-20.
  33. ↑ http://www.celebritynews24-7.com/ken-chenault-net-worth/
Business positions
Preceded by
Harvey Golub		 Chief Executive Officer of American Express
2001–2018		 Succeeded by
Stephen Squeri
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