Former AmEx Boss Chenault Leaving IBM, P&G Boards
December 27 2018 - 6:08PM
Dow Jones News
By Patrick Thomas
Kenneth Chenault, the former chairman and chief executive of
American Express Co., is stepping down next year from his board
roles at International Business Machines Corp. and Procter &
Gamble Co.
Mr. Chenault, 67 years old, plans to retire from the boards of
IBM and P&G on Feb. 13, the companies said Thursday in
securities filings.
P&G said Mr. Chenault made the decision to provide more time
to focus on a range of activities in the next phase of his life. He
joined the board of the Cincinnati-based consumer-products giant in
2008.
At IBM, Mr. Chenault served as a director for more than 20
years, the company said.
The exits come less than a year after the Long Island, N.Y.,
native joined the boards of Facebook Inc. and Airbnb Inc. He also
joined venture-capital firm General Catalyst as chairman and
managing director earlier this year.
"I've been trying to recruit Ken for years," Facebook CEO Mark
Zuckerberg said in a Facebook post in January.
An Airbnb spokesman said Thursday Mr. Chenault isn't leaving the
company's board. A representative of Facebook declined to comment,
but Mr. Chenault is still listed as a Facebook board member.
Mr. Chenault is one of the nation's most prominent
African-American CEOs and led American Express through the
aftermath of 9/11 and the financial crisis.
His departure from the iconic card company came after a
tumultuous period in which he fought to revive AmEx's fortunes
following the loss of a key partnership with Costco Wholesale Corp.
He was succeeded as CEO by Stephen Squeri, a three-decade American
Express veteran who previously ran its division in charge of
corporate cards.
(END) Dow Jones Newswires
December 27, 2018 18:53 ET (23:53 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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