Bloomberg News

JPMorgan Directors Say Splitting Dimon’s Job Could Be Disruptive

May 10, 2013

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.

To contact the reporter on this story: Rick Green in New York at rgreen18@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $61.11 USD
    • -0.21
    • -0.34%
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