Final 12 months at JPMorgan Chase’s investor day Dimon stated that the timetable for his departure was “lower than 5 years.” When requested Monday what number of extra years he would stay as CEO, Dimon stated: “The intent is identical as final 12 months. Nothing has modified in any respect.”
Dimon, who spoke final Monday, touted what he sees because the financial institution’s sturdy management pipeline. He stated JPMorgan Chase, which has $4.4 trillion in property as of March 31, has constructed a “very deep bench” and expressed confidence the financial institution would thrive regardless of who serves as its chief, Dimon stated.
The JPMorgan Chase CEO stated it was prudent to be occupied with success however whether or not he stays isn’t his selection. Dimon, who’s 69, is comparatively younger for a monetary providers CEO. Stephen Schwarzman, chairman and CEO of Blackstone, is 78 whereas BlackRock’s Larry Fink is 72.
“Clearly it is as much as the board. If I am right here for 4 extra years or two or three, that is a very long time. It is like a whole lot of the current worth of the world, okay?” Dimon stated.
Dimon’s retirement, and who will substitute him, is a sizzling subject of Wall Avenue chatter. Earlier this 12 months, throughout a financial institution city corridor, Dimon instructed workers that he deliberate to stay CEO “for a couple of extra years” and would then transition to a md’s place, Fortune reported in March.
“Buyers [are] not fairly prepared for CEO Jamie Dimon to go on the baton,” wrote Ebrahim Poonawala, a Financial institution of America analysis analyst in a Could 15 analysis notice.
3 potential successors
Dimon is likely one of the most profitable Wall Avenue CEOs. Since taking on as JPMorgan Chase’s CEO in 2006, the financial institution’s share value has soared greater than 500%. On Monday, the inventory closed at $264.88, off 5% from their 52-week excessive of $280.25 that the financial institution reached in February.
“JPM beneath the present CEO has been a best-in-class financial institution marked by consistency, progress, effectivity, resiliency, and enterprising tradition,” wrote Mike Mayo, head of huge financial institution analysis at Wells Fargo, in a Could 11 analysis notice.
The race to exchange Dimon modified earlier this 12 months when two contenders opted out. In January, Jennifer Piepszak grew to become chief working officer and instructed the financial institution she wouldn’t search the CEO place. Daniel Pinto, who was president and COO and was thought-about Dimon’s proper hand, introduced that month he would step down in June.
Dimon on Monday singled out Pinto on the finish of the investor day, saying “what an amazing accomplice he’s been all these years.” JPMorgan Chase’s “world class funding financial institution and world class threat administration programs” have been due to Pinto’s efforts, Dimon stated.
The JPMorgan Chase investor day was an audition for the three present candidates to exchange Dimon. The lead contenders for Dimon’s place are Marianne Lake, CEO of client and group banking (CCB), and Troy Rohrbaugh, co-CEO of the business and funding financial institution (CIB), Mayo wrote.
Lake has spent 25 years at JPMorgan Chase and was beforehand CEO of client lending from 2019 to 2021. Lake is near many executives at JPMorgan Chase, together with Piepszak with whom she ran Chase Financial institution, the Wall Avenue Journal stated.
Rohrbaugh, a 20-year veteran of JPMorgan Chase, was beforehand co-head of markets and securities providers and lead macro markets, which incorporates the charges, international alternate, rising markets and commodities companies. Rohrbaugh is down-to-earth and really approachable, colleagues instructed Fortune final 12 months.
Additionally within the working is Douglas Petno, co-CEO of the business and funding financial institution. Petno has labored for JPMorgan Chase for 35 years and most just lately served as co-head of worldwide banking.
“Efficiently working a big financial institution is a troublesome activity, however whoever finally takes the reins will probably begin with a comparatively stronger hand than some (although, with large footwear to fill),” Mayo wrote.
This story was initially featured on Fortune.com
