Daimon, a 17-Year Veteran CEO, Likely to Complete 20 Years at JP Morgan

Received 1.5 Million Stock Options

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Byunghee Park] Jamie Dimon, Chairman and CEO (photo) of JP Morgan Chase, the largest bank in the United States, who has been leading the company for 17 years, is expected to reach a 20-year tenure.

The Wall Street Journal (WSJ) reported on the 21st (local time) that JP Morgan granted Dimon 1.5 million stock options as a special bonus.

JP Morgan disclosed the stock option grant, stating that it signifies a request for Dimon to lead JP Morgan for several more years.

Therefore, if his health permits, it is highly likely that Dimon will complete 20 years as JP Morgan CEO. Dimon was appointed CEO of JP Morgan Chase in 2005.

Dimon has undergone two significant health-related surgeries in the past eight years. In 2014, he was diagnosed with laryngeal cancer and underwent surgery. At that time, concerns about Dimon's succession arose, but he was declared fully recovered and has continued to serve as CEO.

In March last year, Dimon also underwent emergency surgery due to a sudden heart abnormality. After Dimon's surgery, in May of this year, JP Morgan appointed Maryann Lake and Jennifer Piepszak, both 51-year-old female executives, as co-CEOs of JP Morgan's core Consumer & Community Banking division, which again raised questions about Dimon's succession.

However, according to insiders, JP Morgan had already requested Dimon earlier this year to remain in his CEO position for another 5 to 7 years. With this grant of 1.5 million stock options, JP Morgan has clearly conveyed its intentions to Dimon.

The 1.5 million stock options granted to CEO Dimon are reportedly exercisable within five years if JP Morgan's stock price rises. JP Morgan's stock price has increased by 18% this year.

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