There are some common misunderstandings of what a khenpo is and why they are so highly regarded: not everyone who graduates from a shedra is appointed as a khenpo.
Those who are appointed have excelled in their studies and usually are gifted teachers. But being a khenpo is much more than being learned: they must possess three qualities: learning, nobility of conduct (how purely they keep the vows), and an excellent altruistic intention and the ability to help others (khay-tsun-zang sum). Just being learned but behaving improperly with a worldly motivation does not make a khenpo. All three qualities must be complete. Otherwise, an ordinary householder with a Phd in Buddhist studies would be a khenpo.

H.E. Tai Situ Rinpoche and Kyabje Thrangu Rinpoche, January 2013 in Delhi, India – photo, Thrangu Tara Abbey
There are also distinctions among khenpos. The senior khenpos of the large shedras are more highly regarded than junior or assistant khenpos. Some great khenpo are the holders of various explanatory lineages such as Kyabje Thrangu Rinpoche who holds the teaching lineage of Ngok Choku Dorje and Mipham Rinpoche. They are the most venerated.
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Since Khenpo Ugyen Tenzin was a senior khenpo at Rumtek, the seat of the Gyalwang Karmapa, he is highly regarded. Because he has been a pure gelong (fully ordained monk) for many years, he is greatly respected as a vinaya holder.
This is another meaning of khenpo: a monastic preceptor or abbot who is the senior monk in a monastery. Often these two usages of khenpo overlap. For example, Kyabje Thrangu Rinpoche is the seniormost monastic preceptor and teaching khenpo (khenchen or “great khenpo”) in our lineage.
Khenpo Karthar Rinpoche is a Choje lama and the senior khenpo/monk of the Karmapa’s seat of KTD. The Bokar Khenpo, Lodro Donyo Rinpoche is the regent of Bokar Rinpoche, the senior teaching khenpo of the Shangpa Kagyu, and a senior monastic preceptor.
I hope that is helpful.
– Lama Zopa
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Lama Zopa first studied in the Shambhala tradition, and in1992 became a student of Kyabje Thrangu Rinpoche. Lama Zopa studied Buddhist philosophy and Tibetan language under Khenpo Tsultrim Gyamtso Rinpoche at Pullahari Monastery. He completed two three-year retreats under the guidance of Khenpo Karthar Rinpoche at Karma Ling. Lama Zopa is currently the resident lama at the Albany KTC. (Copy from kagyu.org)
