Ken Chenault: Well, That Was Fast

WHEN BUSINESS WEEK PROFILED KENNETH CHENAULT last December, he had not yet completed two years as president and COO of American Express. Even so, Chenault's law school classmate Franklin Raines, then CEO-designate of Fannie Mae, had some advice for AmEx: "The real issue is not whether Ken is going to be a CEO, but is someone else going to steal him away before he is moved up." At that time, AmEx Chairman and CEO Harvey Golub was hinting that he might stay on until he turned 65 in 2004.

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