(Reuters) – JPMorgan said on Monday that an orderly CEO transition is the top priority for its board in the medium term, as Jamie Dimon completes 18 years at the helm of the largest U.S. bank by assets.
The board is “spending significant time on developing operating committee members who are well-known to shareholders as strong potential CEO candidates,” it said in a proxy statement.
They include Jennifer Piepszak and Troy Rohrbaugh, recently appointed co-CEOs of JPMorgan’s expanded commercial and investment bank, consumer and community banking CEO Marianne Lake, and asset and wealth management CEO Mary Erdoes.
Meanwhile, President and Chief Operating Officer Daniel Pinto continued to be listed as the executive who could step in for the CEO in the near term, as he did in 2020 when incumbent CEO Jamie Dimon had an emergency heart surgery.
“Should the need arise in the near-term, we view Mr. Pinto as a key executive who is immediately ready to fulfill the responsibilities of the CEO,” the statement said.
In his annual letter to shareholders on Monday, Dimon hailed U.S. leadership and economic power to shareholders, invoking “liberty and justice for all.”
Dimon, who took the reins in 2006, is among a group of financial CEOs whose names have been floated for senior economic roles in government.
The Wall Street Journal last week reported that allies of former U.S. President Donald Trump were considering senior Wall Street executives, including Dimon, for the role of Treasury secretary.
JPMorgan’s shares were marginally higher in premarket trading. It is set to report first-quarter results on Friday.
(Reporting by Manya Saini in Bengaluru and Lananh Nguyen and Nupur Anand in New York; Editing by Varun H K)
Comments