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Kenneth I. Chenault

Kenneth I. Chenault

Kenneth I. Chenault is a business executive who works in the financial services industry. Chenault is best referred to for the time he spent as chair and chief executive officer (CEO) of American Express (AXP).

Chenault began working with the company in 1981, where he climbed the positions to lead the company, becoming quite possibly the earliest African American to lead a major company. Mr. Chenault left the company following 37 years and joined venture capital firm General Catalyst in 2018. He likewise sits on the board of a number of different companies, including Airbnb and Berkshire Hathaway.

Early Life and Education

Kenneth I. Chenault was brought into the world in New York in 1951 and procured his college degree from Bowdoin College and his JD from Harvard Law School.

He started his career as an associate with Rogers and Wells then filled in as a management consultant for Bain and Company before joining American Express as director of strategic planning in September 1981.

Striking Accomplishments

American Express

Chenault worked with American Express in a number of various regions since he joined the company in 1981. He became leader of the consumer card group in 1989, then assumed the job of leader of movement related services in 1993.

After two years, he was named vice president chair of the company. Chenault filled in as the company's leader and chief operating officer (COO) in 1997 before taking over as chair and CEO in 2001. He became perhaps the earliest African American to head a Fortune 500 company.

In the fall of 2017, Chenault announced that he would leave American Express in February 2018.

2008 Financial Crisis

In 2008, with the global credit crisis, American Express was facing headwinds as the world was contracting.

The Federal Reserve System approved the company's application to turn into a bank holding company. This permitted American Express to receive emergency financing from the [TARP program](/grieved resource alleviation program-tarp).

Diversity Leadership

At the hour of his flight as American Express CEO, Chenault was only one of five African-Americans to act as a CEO of a Fortune 500 company. He is additionally the main African-American to serve on the board at Meta (formerly Facebook).

Chenault frequently addresses the requirement for diversity in the corporate world, refering to upper management's lack of seeking out different competitors as opposed to there being a lack of ability.

In 2020, Chenault helped to establish OneTen, a group of top executives hoping to hire 1,000,000 Black Americans by 2030 into living-wage occupations.

Later Career

Upon his takeoff from American Express, Mr. Chenault accepted the position of chair and overseeing partner of General Catalyst, a venture capital firm that makes growth and beginning phase investments in companies like Warby Parker, Stripe, Airbnb, and Snapchat. Chenault's decision to enter the Silicon Valley market was due to changes and development in the digital space.

Chenault joined the boards of several companies, including Airbnb (ABNB) and Berkshire Hathaway (BRK.A/BRK.B). He likewise filled in as a board member at IBM and is a board member of the Council on Foreign Relations. He lives in New Rochelle, New York, with his significant other and children. He is likewise a member of the Westchester Country Club.

The Bottom Line

Kenneth Chenault is a business leader and former CEO of American Express who, at the hour of his takeoff from the company in 2018, was one of just five Fortune 500 CEOs who were African-American.

During his time in charge of American Express, Kenneth Chenault helped increase the company's market share by growing its customer base. Chenault accomplished this by offering credit cards notwithstanding charge cards and adding membership rewards programs.

Chenault is likewise a member of the boards of several remarkable companies and is the overseeing partner for a venture capital firm.

Features

  • Kenneth I. Chenault is a business executive referred to for his job as chair and CEO of American Express.
  • Mr. Chenault was only one of five African-Americans to act as a CEO of a Fortune 500 company at the time that he left the company.
  • Chenault joined venture capital firm General Catalyst in 2018 in the wake of venturing down from American Express.
  • He sits on the board of a number of companies, including Airbnb and Berkshire Hathaway.
  • Chenault worked with American Express somewhere in the range of 1981 and 2018.

FAQ

What Is Kenneth Chenault Best Known for?

Kenneth I. Chenault is best known for being Chief Executive Officer and Chairman of American Express from 2001 to 2018. He was just the third Black American CEO of a Fortune 500 company.

What has been going on with Kenneth Chenault?

Upon his retirement as CEO of American Express, Kenneth Chenault accepted a position as chair and overseeing partner of venture capital firm General Catalyst. He likewise turned into a board member for several major companies.

Who Is the CEO of American Express?

After Kenneth I. Chenault retired as CEO of American Express in 2018, Stephen Squeri, a former Vice Chairman of the company, took over as CEO.