J.P. Morgan (JPM) Board Endorses Dimon in Dual Chairman/CEO Role
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J.P. Morgan's (NYSE: JPM) Board of Directors elected to endorse Jamie Dimon in a dual Chairman/CEO role. The board's decision was based on the idea that having the popular Wall Street figure service as both Chairman and CEO would be "most effective."
Generally speaking, Dimon has had a stellar reputation throughout the years, and he has had been called a Wall Street 'golden boy'. He received praise for successfully navigating J.P. Morgan during the financial crisis. However, many were highly critical of the CEO's role in the 'London Whale' episode last year. Dimon's paycheck was cut earlier this year and shareholders proposed spiting the role of CEO and Chairman at J.P. Morgan.
Dimon may have lost his golden boy status, but for now he maintains the support of the board. Shareholders will now vote in the company's proxy which will be announced at a later date. Last year efforts to split the role of Chairman and CEO at J.P. Morgan failed with 40 percent of the vote.
The following is language from JPMorgan's preliminary proxy filed today with the U.S. SEC:
The Board strongly endorses the continued role of Jamie Dimon as both Chairman and CEO under the Board oversight structure led by our Presiding Director. The Firm has had strong performance through the cycle since Mr. Dimon became Chairman and CEO, and during a time when many other financial institutions with independent Chairs experienced great difficulty. The strength and independence of the Board’s oversight has been well demonstrated by the actions taken and in process following the events that developed in the Chief Investment Office in 2012.
Shares of JPMorgan are up 0.7 percent on Friday's session.
Generally speaking, Dimon has had a stellar reputation throughout the years, and he has had been called a Wall Street 'golden boy'. He received praise for successfully navigating J.P. Morgan during the financial crisis. However, many were highly critical of the CEO's role in the 'London Whale' episode last year. Dimon's paycheck was cut earlier this year and shareholders proposed spiting the role of CEO and Chairman at J.P. Morgan.
Dimon may have lost his golden boy status, but for now he maintains the support of the board. Shareholders will now vote in the company's proxy which will be announced at a later date. Last year efforts to split the role of Chairman and CEO at J.P. Morgan failed with 40 percent of the vote.
The following is language from JPMorgan's preliminary proxy filed today with the U.S. SEC:
The Board strongly endorses the continued role of Jamie Dimon as both Chairman and CEO under the Board oversight structure led by our Presiding Director. The Firm has had strong performance through the cycle since Mr. Dimon became Chairman and CEO, and during a time when many other financial institutions with independent Chairs experienced great difficulty. The strength and independence of the Board’s oversight has been well demonstrated by the actions taken and in process following the events that developed in the Chief Investment Office in 2012.
Shares of JPMorgan are up 0.7 percent on Friday's session.
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