Chenault, the former chairman and CEO of American Express, stepped down from board positions at IBM and Procter & Gamble on Thursday, but retained his director role at Facebook.
The timing of the events, and the fact that Facebook is now Chenault's only posting at a major US company, sparked speculation that he could be about to be installed as Facebook's chairman.
It comes amid huge pressure from independent Facebook shareholders, some with stakes worth billions, for the company to break up Zuckerberg's dual role as CEO and chairman.
Investors believe this will help make Zuckerberg more accountable, following a disastrous year for the firm, which has been blighted by scandals including the giant Cambridge Analytica data breach.
Initially, Facebook did little to extinguish speculation that Chenault will become the firm's first independent chairman by declining to comment on the matter. But later, the company stopped the rumors in their tracks.
A spokeswoman told reporters: "Ken will continue to serve on our board in the same capacity." Business Insider has contacted Facebook for comment.
Chenault joined the Facebook board in January this year. At the time of his appointment, Zuckerberg said he had been trying to recruit him for years, adding that Facebook could learn much from his customer service expertise and experience in "building a trusted brand."
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