Business executive Kenneth I. Chenault is employed in the financial services sector. The most well-known aspect of Chenault’s career is his tenure as American Express (AXP) chairman and CEO.
As one of the first African Americans to run a large corporation, Chenault began working for the company in 1981 and rose through the ranks to become its leader.
In 2018, after 37 years with the company, Mr. Chenault joined the venture capital firm General Catalyst. In addition, he is a board member of several other businesses, such as Berkshire Hathaway and Airbnb.
What Is Kenneth Chenault’s Salary & Net Worth?
According to Celebrity Net Worth, The American business executive Kenneth Chenault is worth $200 million. The most well-known role of Kenneth Chenault is that of CEO of American Express, which he occupied from 2001 until 2018.
He held the position of CEO of a Fortune 500 company for the third time as an African American. Chenault joined General Catalyst Partners as a managing director upon his retirement from American Express. He served on the board of Facebook before joining the boards of Berkshire Hathaway and Airbnb.
Pay
During his tenure as American Express’s CEO, Chenault’s total salary came to over $370 million. For instance, Chenault received $50,126,585 in total remuneration in 2007. He received $42,752,461 in total remuneration in 2008.
His total income for 2009 was $16,617,639, which consisted of a $1,201,923 basic salary, a $10,450,000 cash bonus, a $3,985,637 option grant, and other compensation totaling $980,079.
Property
The Chenaults paid $937,500 for their New Rochelle, New York, house in 1991. For $1.9 million, they sold this house in September 2017.
They possess a triplex penthouse in the Amory S. Carhart mansion in New York City, where single-unit penthouses have fetched $20-30 million.
They spent $7.45 million in March 2001 to purchase a 7,500-square-foot estate situated on 4.6 acres in Sag Harbor, New York.
The Chenaults own two apartments in a posh Bal Harbour condominium down in Florida. They paid $6.9 million for their first apartment in 2013 and $6.3 million for their second in 2017.
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Prominent Achievements
American Express: Since joining American Express in 1981, Chenault has held various positions within the organization. In 1989, he was elected president of the consumer card group, and in 1993, he was named president of travel-related services.
He was appointed vice president and chair of the corporation two years later. Before becoming chair and CEO in 2001, Chenault was the company’s president and chief operating officer (COO) in 1997.
He became the first African American to hold the position of CEO of a Fortune 500 business. Chenault made known in the fall of 2017 that he would be departing American Express in February of 2018.
The Financial Crisis of 2008
American Express faced challenges in 2008 as the world shrank due to the global credit crisis. The application of the corporation to become a bank holding company was authorized by the Federal Reserve System. As a result, American Express was able to qualify for TARP program emergency financing.
Leadership in Diversity
Chenault was one of just three African-American CEOs of a Fortune 500 business at the time of his resignation from American Express. Additionally, he is the first African-American to hold a board position at Meta, formerly Facebook.
Chenault frequently discusses the need for diversity in the workplace, blaming a lack of diversity on senior management’s failure to seek out diverse applicants rather than a skills shortage.
Chenault was one of the top businessmen who co-founded OneTen in 2020 to place one million Black Americans in well-paying jobs by the year 2030.
Later Professional Life
After leaving American Express, Mr. Chenault took a job as chair and managing partner at General Catalyst, a venture capital firm that invests in startups and development stages of businesses like Snapchat, Warby Parker, Stripe, and Airbnb.
Chenault decided to join the Silicon Valley market as a result of developments and growth in the digital industry. Chenault became a board member of multiple firms, such as Berkshire Hathaway (BRK.A/BRK.B) and Airbnb (ABNB).
In addition, he was on the IBM board of directors and currently serves on the Council on Foreign Relations board. He and his family reside in New Rochelle, New York.
What happened to Kenneth Chenault?
Kenneth Chenault took a job as chair and managing partner of venture capital firm General Catalyst after retiring as CEO of American Express.1. He has joined the boards of several significant businesses.
Conclusion
One of only three African-American CEOs of the Fortune 500 at the time of his resignation from the company in 2018, Kenneth Chenault is a prominent businessman and former CEO of American Express.
Kenneth Chenault grew American Express’s customer base during his tenure as CEO, which contributed to the company’s rise in market share.
Chenault accomplished this by introducing membership rewards programs and credit cards in addition to charge cards. Chenault is a venture capital firm managing partner as well as a member of the boards of several significant firms.
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