Key executives and potential CEO candidates at JPMorgan
Business
Key executives and potential CEO candidates at JPMorgan
NEW YORK (Reuters) - JPMorgan Chase's (JPM.N), opens new tab board is spending "significant" time on developing executives viewed as strong contenders to succeed CEO Jamie Dimon, it said, highlighting the succession planning underway at the biggest U.S. bank by assets.
The bank reshuffled executives in January to give them more experience running different businesses. An orderly CEO transition is the top priority for the board, it said in a regulatory filing on Monday.
Dimon has been at the helm of the lender for 18 years, steering it through the 2008 financial crisis before playing, according to several sources, a major role in the rescue of First Republic last year as bank failures roiled the sector.
Arguably Wall Street's most prominent executive, the CEO is also a leading voice in corporate America. He is often asked to weigh in on economic, business and public policy issues and presents his views in an annual letter.
Dimon is known for being a larger-than-life personality who occasionally curses during public appearances. He also has a reputation for being meticulous and setting a high bar for performance among the company's employees.
During his time at the helm, several executives who were viewed as potential successors have left for other opportunities.
Dimon, whose pay rose 4% to $36 million for 2023, also has a financial incentive to stay. The bank's board awarded him a retention bonus of 1.5 million stock options in 2021 that can only be exercised in 2026.
