JPMorgan’s Dimon says he’ll “do the right thing” on succession, pushes back on CEO-chairman split

By Thomson Reuters May 29, 2024 | 9:39 AM

By Nupur Anand

NEW YORK (Reuters) – JPMorgan Chase CEO Jamie Dimon said on Wednesday that the split between chairman and CEO roles in the bank are overstated while adding that he and the board will do the right thing on succession.

Dimon told investors that the bank has an extraordinary management team and reiterated that the timeline was less than five years while adding that it could be anywhere from 4.5 years to 2.5 years and it is up to the board to make that decision.

He has run the largest U.S. lender for more than 18 years. As one of the longest tenured bank chiefs on Wall Street, his future plans have long been a subject of speculation.

At its investor day earlier this month, Dimon namechecked senior JPMorgan executives who run major divisions as CEO candidates.

JPMorgan’s board recently identified Jennifer Piepszak and Troy Rohrbaugh, co-CEOs of its commercial and investment bank, as candidates for the top job. Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also in the running.

Several executives who served under Dimon have gone on to run other banks.

JPMorgan plans to split its chairman and CEO roles when Dimon eventually steps down, it has said in a regulatory filing earlier this year.

(Reporting by Nupur Anand in New York, additional reporting by Tatiana Bautzer, editing by Lananh Nguyen and Chizu Nomiyama)