JPMorgan Chase & Co., the biggest U.S. lender, opposed splitting Jamie Dimon’s roles of chairman and chief executive officer because the change “could be disruptive.”
The board is made up of directors (JPM:US) who are all independent other than Dimon and is led by a “strong” presiding director, according to a letter sent today by two directors to stockholders of the New York-based company. The structure provides “appropriate accountability to our shareholders and counterbalance to the combined CEO/Chair role,” according to the letter.
The letter was written by former Exxon Mobil Corp. Chairman and CEO Lee R. Raymond, the board’s presiding director, and former Johnson & Johnson Chairman and CEO William C. Weldon, the chairman of JPMorgan’s corporate governance and nominating committee.
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