The African American CEO: Kenneth Chennault
The African American CEO: Kenneth Chennault
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The African American CEO: Kenneth Chennault
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The African American CEO: Kenneth Chennault
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Posted: Jun 03, 2010 |Comments: 0
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In 1988, BLACK ENTERPRISE first posed the question, “Who will be the first Black CEO of a Fortune 500 company?” With a field crowded with worthy contenders poised to grasp the brass ring, it seemed like a response wouldn’t be long in coming2. But nearly a decade later, there’s still no definitive answer.
A serious contender has emerged from a field of deserving candidates. Ken Chenault’s recent appointment as president and chief operating officer of American Express Corp. places him within a hair’s breadth3 of becoming the first African Cartier Pasha Replica Watches American to run one of the largest firms in the country. Chenault’s steady ascendancy marks a potential watershed moment illustrating how far African Americans can actually climb up the corporate ladder4.
” There have been a number of people before and after me who clearly possess the capabilities to run a large firm,” says Chenault. “That’s why it’s so important to look at me not as an exception but rather as someone who was given the opportunity to succeed. “
Many have remarked that American Express Chairman and CEO Harvey Golub’s selection of Chenault as the primary internal candidate for the top spot in seven years, when he retires, was unusual in its candor5 and forward thinking. But Golub says, “Ken has played a major role in building confidence in American Express, both inside and outside the company. This move clearly recognizes Ken as the No. 2 executive in the company and the primary internal candidate to succeed me when the time comes. “
Chenault has generally downplayed race as a factor during his long tenure6 at the company. Yet he acknowledges a spotlight will be placed more firmly on him now. “With American Express being a large publicly held company, I would be scrutinized7 under any circumstance. If you don’t enhance share-holder value, it doesn’t matter who you are, you will have a problem,” he says. “But there is no doubt that in some sectors of corporate America, people will be looking. And if I do well, I would be very hopeful that would encourage other companies to give people the opportunity to succeed. “
Others are watching Chenault carefully. While he plays down the role of trailblazer8 , many say his rise can only help those who seek to follow him up the ladder.
If Chenault is to ascend to the CEO’s chair in the next several years, then his advancement will depend heavily on how well American Express Cartier Replica fares9 over the same time frame. According to sources, Chenault has his work cut out for him10.
Chenault must be a main player if the company is to outpace its competitors, Robert Hottensen Jr. , an analyst with Goldman Sachs” warns; “He will play an increasingly larger role in the execution of the initiatives American Express has planned. He will also take a larger share of the credit or bigger share of the blame depending on how those initiatives work out. “
For his part, Chenault realizes the heat is on, saying that those growth initiatives will require increased coordination and hands-on management at the most senior level of the company. “As President and COO, part of my job is to provide management and an integrated approach that is needed to execute our strategy. I must play a major role in the cross unit coordination because that will be critical for the success of our growth strategies. “
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