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JPMorgan says CEO transition is a top priority, cites potential Dimon successors
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JPMorgan says CEO transition is a top priority, cites potential Dimon successors
Apr 8, 2024 4:47 AM

April 8 (Reuters) - JPMorgan ( JPM ) 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 ( JPM ) 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 ( JPM ) 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)

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