Former AmEx Boss Chenault Leaving IBM, P&G Boards

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)

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