JPMorgan's (JPM) Jamie Dimon Stomps Feet Over Possible CEO/Chairman Split, Threatens to Leave
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Rightly or wrongly, JPMorgan Chase (NYSE: JPM) CEO and Chairman Jamie Dimon does not like to be told "no." In fact, the powerhouse banker is now threatening to quit the bank all together if he is forced to relinquish one of the positions.
In meetings with investors last week, Dimon reportedly raised the possibility that he would leave the firm if the upcoming shareholder vote on the proposal to split the CEO and Chairman role doesn't go his way.
JPMorgan's annual meeting is set for May 21st, when shareholders will vote on the measure. Proxy advisory firms, including ISS, have come out in favor of the split, suggesting the 2012 "London whale" fiasco illustrates the lack of proper corporate governance and oversight at the massive bank. Meanwhile, heavy-hitting investors and corporate icons like Warren Buffett and Ken Langone have come out in favor of Mr. Dimon, calling him the best in the business.
Despite the hubbub about the split, analysts still see the stock as a good buy. Nomura analyst Glenn Schorr said while upcoming proposal to split the role of CEO and Chairman is clearly important to the company and to Mr. Dimon, "we continue to see the same JPM foundation of strong earnings power, good businesses, a top-quartile S&P 500 dividend yield, and at a reasonable valuation." The firm rates the shares a Buy with a $54 price target.
In meetings with investors last week, Dimon reportedly raised the possibility that he would leave the firm if the upcoming shareholder vote on the proposal to split the CEO and Chairman role doesn't go his way.
JPMorgan's annual meeting is set for May 21st, when shareholders will vote on the measure. Proxy advisory firms, including ISS, have come out in favor of the split, suggesting the 2012 "London whale" fiasco illustrates the lack of proper corporate governance and oversight at the massive bank. Meanwhile, heavy-hitting investors and corporate icons like Warren Buffett and Ken Langone have come out in favor of Mr. Dimon, calling him the best in the business.
Despite the hubbub about the split, analysts still see the stock as a good buy. Nomura analyst Glenn Schorr said while upcoming proposal to split the role of CEO and Chairman is clearly important to the company and to Mr. Dimon, "we continue to see the same JPM foundation of strong earnings power, good businesses, a top-quartile S&P 500 dividend yield, and at a reasonable valuation." The firm rates the shares a Buy with a $54 price target.
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