Berkshire Hathaway’s board of directors will have a new member and lose an old one as of the upcoming annual meeting on May 2.
Kenneth Chenault, the former CEO and Chairman of American Express from 2001 until 2018, and the third African American CEO of a Fortune 500 company, will join Berkshire’s board.
Chenault is 68, making him a relative youngster as far as Berkshire goes.
Berkshire Hathaway owns just over 18% of American Express stock.
Meanwhile, longtime board member Bill Gates is stepping down. Gates has been on Berkshire’s board since 1991.
“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 wrote on a LinkedIn blog last Friday.
© 2020 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.