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MarketScreener Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY

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Chenault Exits Boards -- WSJ

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12/28/2018 | 03:48am EDT

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 said Mr. Chenault will continue to serve on its board.

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.

It is highly unusual for directors of S&P 500 companies to serve on so many boards. As of 2016, fewer than 1% of directors held five board seats and fewer than 5% served on four boards.

More than three-fourths of S&P 500 companies curb board members' outside directorships in some fashion, up from 71% in 2010, according to executive-search firm Spencer Stuart. Among those with limits for all directors, 20% set a cap of three seats in 2016 -- up from 16% in 2010.

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY -2.11% 109.46 Delayed Quote.14.83%
DJ INDUSTRIAL -1.77% 25502.32 Delayed Quote.9.32%
INTERNATIONAL BUSINESS MACHINES CORPORATION -1.41% 139.45 Delayed Quote.22.68%
LONDON COFFEE -1.07% 1765 End-of-day quote.0.00%
NASDAQ 100 -2.23% 7326.056662 Delayed Quote.18.38%
NASDAQ COMP. -2.50% 7642.666882 Delayed Quote.18.14%
PROCTER & GAMBLE COMPANY -0.81% 101.66 Delayed Quote.10.60%
S&P 500 -1.90% 2800.71 Delayed Quote.11.72%
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Financials ($)
Sales 2019 43 668 M
EBIT 2019 12 744 M
Net income 2019 6 821 M
Debt 2019 -
Yield 2019 1,44%
P/E ratio 2019 13,73
P/E ratio 2020 12,43
Capi. / Sales 2019 2,15x
Capi. / Sales 2020 2,00x
Capitalization 93 789 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 116 $
Spread / Average Target 3,5%
EPS Revisions
Managers
NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
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