YouSaid · the spoken record

Ken Chenault

lines on the record: 21
first: 2022-06-02
most recent: 2022-06-02
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, I tell you, I think it's hard for me to separate what's at stake from what is happening in our society. And I think, Bob, what's at stake? And I think we all have to fight for this, is the truth matters. Character matters. Our behaviors matter. What do we stand for? To me, that's what's at stake. Business leaders, it is more important than ever that people see that we stand for something, that we have values, we have beliefs. I think what's also at stake is the need to have continued focus on innovation. I think that this philosophy of responsible innovation needs to be adopted. But I would say the most important thing to me is the Quest for truth, character, and values.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“We do have some investments in crypto. I think it is emerging, I would say at American Express, certainly followed it and we invested in blockchain, which we thought was very important. I think what's going to be critical in crypto ultimately is going to be that people trust. And so part of what we got to do is demystify crypto like any new category. There are going to be all the skeptics that are there. I think crypto is here to stay. It's certainly is being used by a range of customer segments. And I think we're in very much in the early innings.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“That's right. You're absolutely right. And one of the things I say to people when I talk about responsible innovation is the great brands have very strong emotional connections. Just think about the great brands. It's a cluster of values, both rational and emotional. So I want both. I want the rational and I want the emotional.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“That is right, Bob. We want to work with companies and founders that want to endure. We want to be very successful in our investments. And we think the way to do that is to follow this if people follow these four pillars. They're going to build a really strong business in the short, moderate, and long term.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“As just users. I mean, I have a real problem when people say to me, well, here are my users. What does that mean? We've got to be more customer-centric. We've got to understand how we are using people's data, how that data is being potentially misused. And so we're frankly here on a crusade. And we think this concept of responsible innovation is something that we're going to really focus on within our firm but also outside our firm. And we think that there are a number of founders that this philosophy is going to resonate with them.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Due diligence. And we came up with four pillars. One is economic opportunity and inclusion. What do we mean by this? Truly innovative technology leaves no group behind or marginalized. Think through what's the impact of this technology on different groups. Second pillar was the environment and sustainability. And we've got to insist from the outset and by design the operations and products that are sustainable and really serve the well-being of people on the planet. The third was openness and diversity. No one sets out to say I'm going to create a company that will do bad things to people. And the fourth pillar was privacy and safety. And you think about this customers don't want to be treated like a product or be regarded”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's much broader. So my partner, Hamant Tunasia, who's managing partner at the firm, we've talked about the role of technology and the fact that technology needed to act more, if you will, with a mindfulness of impact. And given the advances in technology, the advances in AI and machine learning, we should be in a position to better anticipate different issues. No one's going to be perfect, but at least have a framework. What we're saying is that responsible innovation should be integrated in the way you conduct your business. And for startups, from the beginning and venture capital firms from the beginning, as we do financial due diligence, we should do social.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think, Bob, that's right. I do want to have impact. I want to make a meaningful difference in people's lives. So whether it's in business, whether it's in my personal life, my philanthropic endeavors, and if someone tells me that making a meaningful difference in someone's life is incompatible with being successful, then they don't really understand what success is. Because I'm an incredibly competitive person in business. But again, I want to win the right way and I want to win in an enduring way. That's what's important to me.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“And also the U.S. military filed an Amika's brief. Generals filed an Amika's brief. In the world we live in today, people would say, oh my gosh, what are you doing? And there were a number of companies that said, Ken, we can't do it because we're concerned about the fallout. That, to me, is a cop-out.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Sure. So I think what's important is in managing a business and in making some tough decisions, you always risk alienating some group. You always risk it. For example, I didn't get involved in endorsing candidates who were running because I just didn't think that was the role of business. However, issues that impacted people. So in the 90s, same-sex benefits, health benefits, that was important. That wasn't a political issue. That was an issue if we're a company that's embracing all types of people. That's something we have to speak out on. And we have to act. And that's where I look at voting rights. And there are certain environmental issues. I took positions on a range of issues. There was a major case, the Gruder case, which was an affirmative action case in Michigan. Got a number of CEOs to file in a MIC.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“And I think I had an activist mentality. And I had this as a mission for American Express to be one of the most respected and admired companies. And to be an admired company, it meant that we had to embrace all types of people. And I just believe that corporations can be a force. And I really do mean this, a force for good. And they can also be very successful. People would say, well, Ken, that's a contradiction. And I would say part of what we need to do as leaders is we manage and lead through seeming contradictions.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“What I would say growing up, I just wasn't exposed to business, so that wasn't an aspiration for me. I never dreamed about being a CEO. But as I look back, I clearly wanted to make a meaningful difference in people's lives. And consciously, what I did think about in my mid-20s was business as the next civil rights frontier and that I could play a role. And so let me be very clear, I was focused on winning in the marketplace. That was very important to me. But I also was focused on bringing about a change and I was very cognizant of the fact that I was black in a sea of white and that there was an opportunity. And I think what I feel very good about is not just my business. Business successes, but the fact I think I made an impact on people at American Express and outside of American Express”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Resoundingly, and who would have thought literally in a matter of days, hundreds of people would come together and major companies from every industry sector. And clearly there were some people who said, boy, we're concerned that this could be political. And we said, this is not political. This is nonpartisan, and this is a fundamental American right. And my view is, frankly, if you can't stand up for that, I don't know what you stand up for.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so a few days before the statement, as we became more aware of what was happening in Georgia and then other states, we frankly said we got to do something. And we had the idea that what we wanted to do was in fact to write a letter to corporate America and say that voting rights is fundamental to our democracy. We believe in capitalism. We believe in our democracy, but the lifeblood is voting rights. What we also said is for black Americans, the path to voting was a tortured path. People were killed for protesting the right to vote, the need for the right to vote, but for all Americans, this is a fundamental right. And I think what was particularly impactful is that corporate America responded.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Yes, I do. Let me be very clear. I don't think the workplace is one where you're getting into arguments every day and you're not doing your work. The priority clearly has to be you do your work. But to in fact say, I don't want you at your break to, in fact, engage in talking about issues aside from work. I just don't think that's appropriate. Are you telling me I can't talk about my family? I can't talk about things I believe in that I'm passionate about what I would ask people who take that position is I hope you then remain consistent that you will not talk about broader issues that will benefit your company. You cannot have it both ways and I don't believe in that type of censorship.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“The issue of voting rights, what is more fundamental? That's the lifeblood of our democracy. Just think if more businesses had followed Tom Watson at IBM and condemned separate but equal, but also said we're actually going to hire black employees. We would have been a more advanced society than we are today. Let's be very clear. gets involved in issues that affects their business and has a broader impact on society, but yet some of these same people are saying, I don't want to get involved in the broader society, but I'll get involved in issues that affect the broader society as long as it helps my company alone. That doesn't work.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“It has shifted. One of the things I would say, Bob, and not to boast, but I've said over the last close to 15 years that corporations exist because society allows us to exist. And we have a responsibility and an obligation. And one of the things that I point out is, yes, the role of corporations has evolved, but I'll give you an example. IBM, Tom Watson, founder of IBM in the early 50s came out against separate but equal. And so when people say to me, business should stay out of society, I reject that because I have a long-term perspective for companies. And if we're going to prosper in the long term, we need a very strong society. So yes, we can't speak out on every issue.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“degree or did not finish college. And what is it that we could do in job training and upskilling to in fact create a million jobs in 10 years? And so that was the founding mission of 110. And then we quickly called Jenny Remetti. She thought it was a great idea. She came aboard. Kevin Scherer, Charles Phillips. And we now have 50 companies that have signed up for a 10-year commitment post George Floyd. There have been a lot of proclamations. What's going to be very important is what are the actions that are being taken? There has to be a recognition that racism is America's greatest unsolved problem. And we've got to have a sense of urgency. And also, at the same time, we have to have a long-term commitment.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“Yes, I was in New York, and I certainly talk to my wife, Kathy. I talked to my two sons, and I talked to some good friends, and Ken Frasier, the CEO of Merck, has been a close friend since law school. And the afternoon and the day after, we talked about what we could do and what we thought was the focus should be on jobs, not to the exclusion of criminal justice and a range of issues, but we said this is an area where we could have an impact. And then as we talked about it more, we said, clearly we're focused on opportunities for black Americans at every level. is the group of African Americans, which is very large, that do not have a college.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“You are absolutely right, Bob. At the end of the day, if you don't have those core values and beliefs, if you don't have a clear understanding of the mission and the strategic framework of the company in a crisis, you fold. Your behavior becomes erratic. And trust is so important in a crisis. Trust from your people, your employees, trust from your board, trust from your investors. Because people are scared. I went through different crises. There was a mantra that I still think about every day. Define reality, give hope. How am I defining reality, which is very difficult in normal times, but particularly challenging in a crisis? And then what are... Those areas that I can emphasize that can make people hopeful, what are the strategies? What are the tactics that I'm putting in place?”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT
“That's what's important, Bob. Some of the actions have to be exaggerated during a crisis. The reality is you have to always be decisive. You have to be caring. You have to demonstrate integrity. But what happens in a crisis, these things are coming at you at such rapid speed that if you don't have that in your core. And I think that was very important about, for example, Brian Chesky at Airbnb was that what we talked about was he really focused on what was the mission of Airbnb, the importance of his people, but at the same time he was decisive. He took painful actions. But he did that with caring.”
2022-06-02 · Masters of Scale · Rapid Response: Why business must be a force for good, w/former American Express CEO Ken Chenault · IDENTIFIED FROM THE TRANSCRIPT