JPMorgan Chase’s leading directors urged shareholders to reject calls for Chief Executive Officer Jamie Dimon to relinquish his dual role as chairman and chief executive officer, saying it 'could be disruptive' and against the best interests of investors.
'An inflexible approach to the question of whether one person can serve as both chairman and CEO is not the right answer', according to a letter Friday sent to shareholders of the New York-based company.
Bloomberg reports that it was signed by former Exxon Mobil Corp. Chairman and CEO Lee R. Raymond, who serves as the board’s presiding director, and former Johnson & Johnson Chairman and CEO William C. Weldon, who heads the panel’s corporate governance and nominating committee.
Proxy advisers at Glass Lewis & Co. and Institutional Shareholder Services have told investors to vote for a separate chairman and oust some directors. Calls for Dimon, 57, to relinquish the chairmanship have mounted since last May, when JPMorgan disclosed lapses in risk controls at its Chief Investment Office in the so-called London Whale episode that led to at least $6.2bn in losses on derivatives.
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image: © Steve Jurvetson