Chenault, Kenneth

in full Kenneth Irvine Chenault

(born June 2, 1951, Mineola, New York, U.S.) American businessman and one of the first African Americans to become the chief executive officer (CEO) of a Fortune 500 firm, the American Express Company.

The son of a dentist and a dental hygienist, Chenault grew up on Long Island and attended the Waldorf School, an alternative school, where he developed his first leadership skills as senior class president and as a captain of sports teams. He studied history at Bowdoin College (B.A., 1973) and attended Harvard University Law School (J.D., 1976). After working for a law firm and a management consultancy, Chenault eventually accepted a job in 1981 with American Express.

In his early years with American Express, Chenault revived the company's Merchandise Services division by replacing cheap goods with finer offerings such as durable luggage and personal accessories. He rose through American Express's ranks at a time when employee diversity was of negligible concern. As a firm with more than 100 years of history, American Express risked relying too heavily on its past success and was slow to engage its competitors, but Chenault implemented strategies that revived the firm in an era of cutthroat competition among credit- and charge-card issuers. By the time of his appointment as chief operating officer and president in 1997, it was evident that Chenault would likely be chosen as American Express's next CEO, which he was, in 2001.

One of his first challenges as CEO involved guiding the company through a recovery from the attacks of September 11, 2001, when American Express lost 11 employees and suffered damage to its headquarters. The company's travel business slowed in the aftermath, causing American Express to respond with new offerings such as small business services—evidence that, under Chenault's direction, a company formerly known for patrician operating principles was now innovating and building competitive strongholds in new and established markets.