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Chenault Board Resignations Lead to Facebook Speculation

Kenneth Chenault, the former chairman and chief executive of American Express, piqued the interest of many Facebook watchers on Thursday by announcing he plans to step down from the boards of IBM and Procter & Gamble. That’s because Mr. Chenault has also served on the Facebook board since earlier this year, leading to speculation on Twitter that he might be on the verge of assuming a larger role at the social network—perhaps chairman. A Facebook spokesperson told The Information that Mr. Chenault would “continue to serve on our board in the same capacity” and that “nothing is changing.” 

Some Facebook investors have called on Mark Zuckerberg, the company’s CEO, to give up the chairman title to provide more oversight of the company. Of course, Mr. Chenault may be leaving the two boards simply to lighten his duties. Mr. Chenault is also on the board of Airbnb and is chairman and managing director of General Catalyst, the venture capital firm.

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