Welcoming Remarks:
Clayton Rose, Bowdoin College president, expressed his delight at finally holding the ceremony to honor Ken Chenault with the Bowdoin Prize, which was delayed due to the pandemic.

Acknowledging Attendees:
Rose acknowledged Ken’s wife, Kathy; sons, Ken Jr. and Kevin; and brothers, Arthur and Steven. He welcomed friends, Bowdoin College Black Alumni Association members, and trustees.

Recognizing Past Honorees:
Rose recognized Joni Benoit Samuelson, a 1985 Bowdoin Prize recipient and Olympic gold medalist, and Karen Gordon-Mills, another honoree and former Obama administration official.

Bowdoin Prize Details:
The Bowdoin Prize is the highest honor bestowed by the college, awarded no more than once every five years for “the most distinctive contribution in any field of endeavor.” The award committee consists of the college president, board chair, Maine Supreme Judicial Court chief justice, and Harvard and Yale university presidents. It was established in 1928 by Lena Curtis in memory of her husband, William John Curtis, a prominent lawyer and generous benefactor to Bowdoin and Brunswick.

History of William John Curtis:
Curtis, a Brunswick native, was a respected lawyer, partner at Sullivan and Cromwell, and devoted supporter of Bowdoin and his hometown. He donated the class of 1875 gate and prize in American history to Bowdoin and contributed funds for the public library in Brunswick.

Exploring Bowdoin’s History:
Rose shared a recently discovered piece of information about Curtis’s father, Captain John Curtis, a shipowner who transported cotton from Alabama to England during the years leading up to the Civil War. He emphasized the ongoing project at Bowdoin to examine its history with black and indigenous communities, aiming to create a more comprehensive and complex history.

Acknowledging Slavery’s Role in New England:
Rose highlighted the widespread involvement of slavery and related industries in the New England economy, including the wealth and power gained by prominent individuals. He mentioned Captain John Curtis’s deep ties to slavery and the likely benefits William Curtis derived from his father’s involvement.

Significance of Acknowledging History:
Rose stressed the importance of acknowledging and shedding light on this part of Bowdoin’s history, emphasizing its connection to the Bowdoin Prize. He affirmed the college’s obligation to seek truth, provide a complete understanding of its history, and allow it to shape its future.

Ken Chenault’s Relevance:
Rose mentioned Ken Chenault’s honors thesis, which explored the experiences of black men at Bowdoin, revealing both challenges and achievements.

Bowdoin Prize Award:
The Bowdoin Prize includes a modest cash award endowed by the Curtis family.

Introduction of Darren Walker:
Darren Walker, president of the Ford Foundation and a close friend of Ken Chenault, was introduced by Clayton Rose, President of Bowdoin College. Walker has previously addressed Bowdoin, delivering the baccalaureate speech and receiving an honorary degree in 2016, and sharing his insights with the trustees.

Commemoration of Ken Chenault:
Clayton Rose expressed gratitude to Darren Walker for leading the conversation in honor of Ken Chenault. Walker acknowledged Chenault’s accomplishments as a successful executive, his leadership during challenging times, and the role of his family, particularly his wife Catherine, in his achievements.

Bowdoin’s Contribution to Chenault’s Development:
Chenault highlighted the importance of Bowdoin College in his personal and professional development. He recalled his initial focus on sports and his decision to pursue a more academic environment after his first semester at Springfield College.

Influence of Peter Curran:
Peter Curran, headmaster of Waldorf School, played a significant role in shaping Chenault’s academic trajectory. Curran recognized Chenault’s potential and encouraged him to apply himself more diligently, instilling discipline and a sense of purpose in the young student.

Historical Context:
Chenault noted that his time at Bowdoin in the late 1960s and early 1970s coincided with significant historical events, including the Civil Rights Movement and the Vietnam War. He emphasized the importance of understanding the context in which decisions were made during that era.

Suspension from Springfield College:
Kenneth Chenault was suspended from Springfield College for participating in a dormitory takeover as part of the Vietnam War protests and Black Power Movement.

Bowdoin College as a Turning Point:
Peter Curran recommended Bowdoin College to Chenault, emphasizing its potential for self-application. Dick Mole, the innovative head of admissions at Bowdoin, initially faced pressure to rescind Chenault’s admission due to his activism. Chenault explained his actions to Bowdoin, highlighting his motivations and beliefs.

Growth and Transformation at Bowdoin:
Chenault’s class was the first to have a sizable black population, creating a cohesive group. Chenault formed close friendships with professors and coaches, particularly through his involvement in soccer and track. The Bowdoin community, including faculty, coaches, and fellow students, played a crucial role in shaping Chenault’s growth and development.

Preparation for the Next Step:
Chenault credits Bowdoin’s environment and experiences for preparing him for his subsequent journey, including his decision to pursue further education at Harvard Law School.

Early Interests and Education:
Kenneth Chenault initially lacked interest in business and role models in the field. He pursued law school unsure of his career path, considering civil rights law or history professorship. His love for American history and the lessons it holds drew him to pursue a PhD in history. However, he realized he lacked the temperament for a professorial role. The Harvard Law School experience boosted his confidence, proving he could compete with anyone.

Transition from Law to Consulting:
After two years of practicing law, Chenault transitioned to consulting at Bain & Company. The startup-like environment and passionate people at Bain appealed to him. Chenault saw business as the last civil rights frontier, aiming to empower Black individuals through business success.

Ambition and Power Dynamics:
Chenault recognized the distinction between political power and capital in a capitalist system. He understood the need for Black individuals to gain control over their destiny through business ownership. Chenault’s ambition drove him to compete in an environment primarily dominated by white men. The challenge of proving himself in such an environment motivated him to succeed.

Early Influences:
Kenneth Chenault credits his parents as terrific role models who exposed him to successful blacks and discussed family and black history. His background in sports competition prepared him to be unafraid and a hard worker in business.

Strategy and Mentorship:
Chenault developed a strong interest in strategy and was inspired by his mentor Lou Gerstner, who encouraged him to be a “catalytic agent of change.”

Path to CEO:
Chenault initially declined the offer to be president of American Express due to reporting relationship concerns. After negotiations, he accepted the role as president and chief operating officer, establishing a constructive working relationship with CEO Harvey Golub.

Becoming CEO:
Chenault was officially named CEO of American Express, fulfilling a moment of pride and reflection for him. He fondly remembers a note from his mentor Vernon Jordan, who expressed joy at the news but refrained from saying “hallelujah” in the boardroom.

Succession Planning:
Chenault emphasizes the importance of well-organized succession planning. He worked closely with Harvey Golub to discuss feelings and expectations during the transition process. His experience as president and chief operating officer prepared him for the role of CEO.

The Loneliness and Isolation of Leadership:
As a leader, Chenault experienced loneliness and isolation due to the need to maintain a certain distance from colleagues while fostering close relationships. Balancing closeness and distance, and knowing when to be involved and when to delegate, are crucial leadership skills.

9/11: A Personal Account:
Chenault was in Salt Lake City during 9/11 and lost 11 colleagues in the tragedy. He had to charter a plane and obtain approval from the Secretary of Transportation to return to New York.

Core Priorities in a Crisis:
During the crisis, Chenault focused on core priorities such as the safety and security of employees. He ensured that every employee’s whereabouts were known and that family members were contacted.

Comfort and Connection:
Chenault addressed employees in person, speaking from the heart and giving them hope amidst the emotional trauma of 9/11. He arranged for employees from the tri-state area to gather in Madison Square Garden, where he spoke extemporaneously.

Finding Space and Overcoming Challenges:
Chenault prioritized finding space to accommodate employees displaced by the attacks. He faced both helpful and unhelpful responses from real estate entities during this process. Despite the challenges, Chenault managed to secure space for close to 10,000 employees in Madison Square Garden.

Decisive and Compassionate Leadership During Crisis:
Kenneth Chenault, former CEO of American Express, faced major challenges, including 9/11 and the financial crisis. He believed in decisive and compassionate leadership, making tough decisions while also communicating openly and empathetically with employees. Despite having to lay off 15% of the workforce, Chenault’s leadership helped the company recover and maintain high employee satisfaction.

Employee Survey Linked to Compensation:
American Express implemented an employee survey with a portion of compensation tied to the results. This survey helped establish a strong correlation between employee satisfaction, customer satisfaction, and financial performance. Chenault emphasized the importance of accountability and transparency, even during difficult times.

Commitment to New York City During Crisis:
Chenault affirmed American Express’s commitment to New York City during the aftermath of 9/11, pledging not to leave Lower Manhattan. He followed the example of previous great New York City CEOs who stood by the city during challenging times. Chenault’s decision required both emotional and financial commitment, demonstrating his dedication to the city.

Relationship with Warren Buffett:
Chenault had a close relationship with Warren Buffett, a steadfast investor in American Express. Their relationship began when Chenault took accountability for a high-yield bond investment gone wrong, impressing Buffett with his honesty and accountability. Buffett appreciated Chenault’s willingness to admit mistakes and his focus on long-term success. Buffett supported Chenault during critical moments, highlighting the importance of strong leadership during challenging times.

Chenault and Buffett’s Friendship:
Chenault and Buffett had a close friendship and would often discuss various topics, including business, life, family, and their beliefs. Buffett once shared a speech given by Martin Luther King at Grinnell College, where Buffett served on the board, with Chenault, which moved him to tears. Chenault would regularly call Buffett to check in on him, and Buffett would often respond with “never been better.”

Chenault’s Work on Social Issues:
Chenault and Ken Frazier led an effort to raise awareness about the legislation being debated in Georgia and other states related to voting rights. They organized an unprecedented mobilization of black leaders and non-black leaders to sign a public letter expressing their concerns about the restrictive voting laws. Their efforts helped to bring attention to the issue and contributed to a broader national conversation about voting rights. Chenault’s work on social issues demonstrates his commitment to addressing systemic problems and promoting equality.

Corporate Leaders Unite for Voting Rights:
Kenneth Chenault and other business executives launched an unprecedented effort to protect voting rights in America. This initiative was not solely led by Chenault and Frazier; it was a collaborative effort involving several individuals.

Motivation Behind the Initiative:
The signatories of this effort shared a deep belief in America and its democracy. They recognized the importance of protecting the right to vote, especially given the historical struggles faced by black Americans in exercising this right.

Inspiration from Richard Ludig:
Richard Ludig, a conservative judge, emphasized the fragility of democracy in light of the events of January 6th. This served as a reminder of the need to safeguard the fundamental values of American democracy.

Corporate Responsibility to Protect Democracy:
Chenault stressed the responsibility of corporations to contribute to society beyond their own interests. He believes that corporations owe something to society, and protecting democracy is a fundamental aspect of this responsibility.

Focus on Voting Rights for All Americans:
Darren Walker clarified that the initiative was not solely focused on voting rights for black Americans but rather for all Americans.

Addressing Employment and Wealth Creation:
Chenault and Frazier led the “110 Initiative,” which aimed to tackle issues of job creation and wealth creation, particularly for African-Americans. This initiative recognized the disproportionate challenges faced by African-American men in terms of employment and incarceration rates.

A Million Jobs for Black Americans:
Kenneth Chenault, Ken Chenault, Charles Phillips, Kevin Shearer, and Ginni Rometty collaborated to create a remarkable initiative aiming to provide one million jobs over ten years for black Americans without college degrees.

Skills-First Approach:
Emphasizing a skills-first approach, the initiative aims to create job opportunities that don’t necessarily require a four-year college degree.

Win-Win Situation:
By focusing on a specific segment (black Americans) and adopting a skills-first approach, the initiative benefits not only the targeted group but also the entire population.

A Meaningful Difference:
The initiative strives to provide family-sustaining jobs that can significantly improve the lives of individuals and society.

Ken Chenault’s Leadership:
Ken Chenault believes that a leader’s role is to define reality and give hope.

Importance of Values:
Chenault expresses concern about the declining focus on values and character in political leadership.

Division in America:
Chenault laments the division in America and believes that people have lost sight of the true values the country represents.

Fraudulent Promises:
Chenault criticizes political figures who claim to make America great again, arguing that their actions do not reflect the country’s true values.

Kenneth Chenault’s Personal Journey and Family History:
Chenault shares his personal experiences as a black American, reflecting on his ancestors’ struggles during slavery and his family’s involvement in the fight for voting rights.

The Importance of Overcoming Challenges and Perseverance:
Chenault emphasizes the significance of resilience and determination in facing challenges, drawing inspiration from individuals who have made a difference despite adversity.

The Value of Leadership and Making a Meaningful Impact:
Chenault highlights the responsibility of leaders to inspire and positively influence others, emphasizing the importance of leaving a legacy of making a meaningful difference in people’s lives.

Criticism of the Term “Woke” and Misuse of Labels:
Chenault criticizes the use of the term “woke” as a smear tactic, advocating for respectful discourse and avoiding labeling individuals with negative connotations.

Appreciation for Bowdoin College and the Impact of Mentorship:
Chenault expresses his gratitude to Bowdoin College and acknowledges the influential mentors and professors who shaped his academic journey.

Importance of Teaching and Acknowledging Historical Truth:
Chenault emphasizes the significance of teaching the full history of the United States, including the pervasiveness of slavery and its lasting impact. He stresses that acknowledging the truth is essential for a healthy society and democracy.

Aspirations of the United States and the Constitution:
Chenault highlights the aspirations of the United States, despite its historical flaws, emphasizing that the words of the Constitution belong to all, regardless of race or background.