Potential early departure for Jamie Dimon: Contenders to lead the nation's largest financial institution.
Dimon is a renowned and closely followed CEO known for his long association with JPMorgan Chase, which has turned him into a symbol for the largest bank in terms of assets in the US.
However, due to his age (68), the issue of succession has become more pressing. He used to laugh off the timetable of leaving, stating it was "five years away," but now he says, "It's not five years anymore."
He added, "When I can't wear the jersey or do the full thing, I should leave."
JPMorgan has been working on a succession plan for a while now. Recently, some of their high-ranking executives were shifted into new positions to broaden their experience.
Choosing a Successor
Recently, Marianne Lake was made the sole head of the consumer division, which used to be handled by both Lake and Jennifer Piepszak. On the other hand, Piepszak took charge of the newly consolidated commercial and investment bank with Troy Rohrbaugh as her co-CEO. Rohrbaugh was the previous head of trading and securities services at the bank.
Other potential successors include Mary Erdoes, who is the CEO of asset and wealth management, the CFO Jeremy Barnum, and Daniel Pinto, who holds the positions of the president and chief operating officer.
Early last year, Dimon underwent surgery for an acute aortic dissection, a tear in the inner lining of the aorta blood vessel. While he was on leave, Gordon Smith and Daniel Pinto took over the leadership of the company. Smith retired from the bank in January 2022.
The Future
Dimon got candid about his life-changing cancer battle in 2014 during an interview with CNN. He said, "Everyone knows they're going to die, but at one point, it's right here and you realize it's true, and it's true maybe sooner than you think." He further added, "It's nice to end every day by saying, 'That was a good day.' Every meeting, that was a good meeting. Every week, that was a good week."
As for the future, Dimon has not completely ruled out politics. In an interview with Bloomberg, he mentioned, "I love my country, and maybe one day I'll serve my country in one capacity or another."
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In the context of JPMorgan Chase's succession planning, Jeremy Barnum, the CFO, and Daniel Pinto, the president and COO, are seen as potential successors for Dimon due to their key positions within the bank. Investing in the right successor is crucial for the business as their leadership can significantly impact the bank's future performance.
Source: edition.cnn.com
