JPMorgan (JPM) Offers $50 Million of Stock Options to Jamie Dimon To Remain in Charge for a 'Further Significant Number of Years'

July 21, 2021 8:36 AM EDT

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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.

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