Kenneth Chenault Is Leaving Facebook’s Board of Directors

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  • Kenneth Chenault Is Leaving Facebook’s Board of Directors

General Catalyst chairman and managing director Kenneth Chenault will not stand for re-election to Facebook’s board of directors at the company’s 2020 annual meeting.

Facebook said in a Newsroom post Friday that Chenault is leaving its board to pursue other opportunities, but he will continue to serve until the company holds its annual meeting.

Chenault became the first African-American member of Facebook’s board in February 2018, while he was still chairman and CEO of American Express.

The other members of Facebook’s board of directors are: PayPal senior vice president of core markets Peggy Alford, Andreessen Horowitz co-founder and general partner Marc Andreessen, Dropbox co-founder and CEO Drew Houston, former McKinsey & Co. executive Nancy Killefer, chief operating officer Sheryl Sandberg, Founders Fund co-founder and partner Peter Thiel, Estée Lauder executive vice president and CFO Tracey T. Travis, Cranemere Group CEO Jeff Zients and CEO Mark Zuckerberg.

Chenault said in the Newsroom post, “Facebook plays an important role in the lives of people around the world. During the time I served on the board, the company made progress in dealing with new challenges and continued to expand its reach and to grow the business. I wish Mark, the directors and the management team all the best as they lead the company going forward.”

He continued, “I am stepping down from the board because I have a once-in-a-lifetime opportunity to work more closely with my friend Warren Buffett, the Berkshire Hathaway board and the management team. I also believe good corporate governance entails limiting the number of board commitments for any director.”

Zuckerberg added, “I want to thank Ken for everything he’s done for Facebook. It’s been an honor to have a leader of Ken’s caliber and experience on our board, and we learned a lot from him. I’m grateful for his contribution to our company and I wish him all the very best.”

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