Berkshire knows Chenault well, having long been American Express' largest shareholder, and ending 2019 with an 18.7% stake in the travel and financial services company.
Lee has been managing the papers for Buffett's company since 2018, and Berkshire is loaning Lee the money for the purchase.
Berkshire is sitting on a pile of more than $128 billion cash because Buffett has struggled to find major acquisitions for the company
Ackman's stake in Berkshire, disclosed in August, is a bullish bet
That brings the total amount of stock he's given the foundations to about $34 billion since he made the pledge in 2006, according to a statement Monday
Buffett, 88, was pressed by questions - each greeted with a torrent of applause - about who would succeed him
The purchase marks a U-turn for Berkshire, where Buffett has long praised the leadership of Amazon Chief Executive Jeff Bezos
The comments were a rare admission of error by the 88-year-old billionaire on a major investment at his Omaha, Nebraska-based conglomerate
Buffett also released his annual letter to Berkshire shareholders, which did not discuss Kraft Heinz's recent travails
The Nebraska-based conglomerate spent $17.7 billion on equities in the quarter ended September
A slump in Berkshire shares over the past month raises the question of whether Buffett will buy back more stock
Berkshire often makes large investments in times of panic, when its stable capital and not the Buffett name, is the allure, he said
Warren Buffett got a $29-billion boost to net earnings in the fourth quarter from the tax code changes.
Themes Buffett may address, along with the company's future leadership, include the recent US tax overhaul, underwriting challenges affecting the insurance business
Berkshire also nearly completed its yearlong exit from International Business Machines Corp (IBM), selling more than 94 per cent
Speculation that Abel and Jain were the top candidates grew after Munger singled them out as "world-leading" performers
A surge in insurance claims led to the third consecutive quarterly underwriting loss
Berkshire has been a major beneficiary of the rally in stocks since Trump was elected US president
Berkshire has been sued over an alleged illegal scheme
Berkshire's businesses represent a cross-section of the economy and provide Buffett, 85, with a steady stream of cash for more investments