JPMorgan Chase & Co. is focusing on succession planning and has “extremely” talented people ready to eventually run the bank, Chief Executive Officer Jamie Dimon said Tuesday.
Dimon said he and his team have spent a lot of time thinking about what will happen after he steps down, but did not provide a specific timeline.
“We all want to get that right,” he told pension funds and institutional investors at a conference in New York.
Dimon has been at the helm of America's largest financial institution since 2006. He is one of several financial industry CEOs who have been named to senior government economic advisors, including the Treasury secretary.
Dimon has previously suggested his time away from retirement could be as little as two and a half years, rather than five.
Governor Daniel Pinto “could run the bank tomorrow,” Dimon said.
JPMorgan has named Jennifer Piepszak and Troy Lohrbaugh, who co-head commercial and investment banking, Marianne Lake, who oversees consumer businesses, and Mary Ardos, head of asset and wealth management, as possible candidates to succeed him.
Dimon also touched on some important issues for investors.
He said annual shareholder meetings are a waste of time, especially for companies that spend time addressing investor concerns and questions in regulatory filings.
Dimon also spoke about the makeup of corporate boards, saying the title of chairman should be abolished because the lead director has equal importance and a role in convening board meetings and setting the agenda.
Some investors have argued that Dimon's combined roles as chairman and CEO could give too much power to some executives.
JPMorgan shares recently fell 6% after expectations around interest income weakened.
