JPMorgan (JPM) Offers $50 Million of Stock Options to Jamie Dimon To Remain in Charge for a 'Further Significant Number of Years'
- Wall Street surges to all-time closing high on earnings, economic revival
- Was Intel's (INTC) Second Quarter a Speedbump or Inflection?
- Twitter (TWTR) Gains After Beating Q2 Estimates, Analysts Raise PTs as Brand Recovery Accelerates
- U.S. dollar on track for second week of gains; Fed meeting in focus
- Snap (SNAP) Surges 17% After Smashing Q2 Views Across the Board to Yield a Dozen Price Target Hikes
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
JPMorgan (NYSE: JPM) Board of Directors has offered its CEO, Jamie Dimon, 1.5 million stock appreciation rights in a bid to persuade him to stay in charge of the banking giant.
Dimon, 65, has repeatedly told the public that his retirement date is 5 years away. He’s been in charge of the bank for 16 years.
“This special award reflects the board’s desire for Mr. Dimon to continue to lead the firm for a further significant number of years,” JPMorgan’s board noted in a regulatory filing Tuesday.
Terry Adamson, a managing director of Technical Compensation Advisors, projects that stock options are worth about $50 million today, Bloomberg News notes. Dimon, who is estimated to be worth over $2 billion, received $31.5 million in compensation last year from the bank.
For the next five years, half of Dimon’s options could be taken away if the company underperforms.
Earlier this year, JPMorgan promoted Marianne Lake and Jennifer Piepsza to practically put them in a driving seat when the time comes to pick Dimon’s successor.
JPM share price is up around 18% YTD.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- comScore (SCOR) CFO to Depart
- The New Home Co. (NWHM) to Be Acquired by Funds Managed by Apollo (APO) for $9 Per Share, $338M Transaction
- The AZEK Company (AZEK) announces appointment of Peter Clifford as Senior Vice President and Chief Financial Officer
Create E-mail Alert Related CategoriesManagement Changes
Related EntitiesJPMorgan, Jamie Dimon
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!