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He declined to estimate the costs of the changes.
Annual costs of the changes are set to rise to £2.3bn by 2025-26.
Analysts overestimated the benefits of cost-cutting and underestimated the costs of the changes, the chief financial officer, George Babich, said in a statement.
Mr. Chenault, who succeeded Harvey Golub as chief executive in January, said the costs of the changes it is making would reduce pretax earnings for the quarter that ended in June by $826 million.
However, the companies did try to economize on the costs of the changes.
Similar(55)
The costs of the change would be minimal".
The cost of the changes is about £1bn a year.
In Maine, critics of the law cited concerns about privacy and the cost of the changes.
She said she could not estimate the cost of the changes.
While the cost of the changes the board will propose remains uncertain, estimates have soared into the billions of dollars.
The potential cost of the changes is millions of pounds, and will particularly hit small independent museums".
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CEO of Professional Science Editing for Scientists @ prosciediting.com