Berkshire Hathaway taps former America Express CEO Kenneth Chenault for board

Reuters | Warren Buffett’s Berkshire Hathaway Inc., said on Friday that former American Express Co Chief Executive Officer Kenneth Chenault has been nominated to the conglomerate’s board of directors, replacing Microsoft Corp co-founder Bill Gates.

The change was disclosed in Berkshire’s annual proxy filing, ahead of its scheduled May 2 annual meeting.

Chenault, 68, led New York-based American Express from January 2001 to February 2018, and became one of the most prominent black CEOs in corporate America.

Berkshire knows Chenault well, having long been American Express’ largest shareholder, and ending 2019 with an 18.7 percent stake in the travel and financial services company.

Gates, 64, has known Buffett since 1991 and been a Berkshire director since 2004, but now devotes most of his attention to philanthropy, including the Bill & Melinda Gates Foundation.

He is also the world’s second-richest person, worth US$103.6 billion according to Forbes magazine. Buffett ranks 4th, at US$76 billion.

“I have made the decision to step down from both of the public boards on which I serve – Microsoft and Berkshire Hathaway – to dedicate more time to philanthropic priorities including global health and development, education, and my increasing engagement in tackling climate change,” Gates said in a LinkedIn blog on Friday.

Microsoft announced separately on Friday that Gates stepped down from its board.