J.P. Morgan Chase’s board said Monday (April 8) that planning for an orderly CEO transition in the medium term is one of its top priorities.
“The board is focused on enabling an orderly CEO transition to take place in the medium-term,” it said in a proxy statement released Monday. “As part of succession planning, the board continues to oversee management’s development of several operating committee members who are well-known to shareholders as strong potential candidates to succeed Mr. Dimon.”
The statement comes at a time when Jamie Dimon has been CEO for 18 years and is one of several financial CEOs whose names have been mentioned as potential candidates for senior roles in government, Reuters reported Monday.
Members of the operating committee have been given opportunities to gain exposure to different parts of the business and to deepen their leadership experience, the proxy statement said.
“In January 2024, the firm announced leadership changes and a streamlined business to continue to position the firm for the future,” the proxy statement said.
As part of these moves, Jennifer Piepszak and Troy Rohrbaugh were named co-CEOs of the expanded Commercial and Industrial Bank, and Marianne Lake became sole CEO of Consumer and Community Banking, according to the statement.
In addition, Mary Erdoes remains CEO of Asset and Wealth Management and Daniel Pinto continues as president and chief operating officer, per the statement.
“The board believes that these senior management changes and new alignment will help the firm better serve its clients as well as further develop the firm’s most senior leaders,” the proxy statement said. “Should the need arise in the near term, the board views Mr. Pinto as a key executive who is immediately ready to lead the firm and fulfill the responsibilities of CEO, as his exceptional leadership capabilities are well-known to our shareholders.”
When J.P. Morgan Chase announced in January that it made several changes to its leadership and organizational structure, Dimon signaled in May that he may leave the firm in three and a half years from that time.
Also in May, Dimon said he loves his job but has considered running for public office.
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