Long-serving JPMorgan Chase CEO Jamie Dimon can finally see his retirement on the horizon.
At the company’s annual investor day on Monday, Dimon said he will step down in less than five years — but that the decision on succession is ultimately up to the New York-based bank’s board of directors. “The timetable is not five years anymore,” he said.
The 68 year-old banker has helmed JPMorgan for nearly two decades, making him one of the longest-serving chief executives on Wall Street. And he’s shown few signs of wanting to slow down anytime soon.
“I have the energy that I’ve always had. That’s important,” Dimon said Monday. “I think when I can’t put on the jersey or any given full thing, I should leave.”
At least year’s investor conference, Dimon said he planned to stay on as CEO for another 3.5 years. Back in 2021, the board granted Dimon 1.5 million in stock options that he can exercise only after July 20, 2026, giving Dimon additional incentive to stick around.
Dimon in the rough
But Wall Street’s stickiest CEO likely won’t withdraw entirely. Dimon floated the idea of remaining as chairman “for a while,” even after he exits the bank’s top position. He pointed out that the bank has been “moving people around,” referring to the reshuffling of some high-level positions.
The bank announced earlier this year that a number of key executives would be gaining “new and increased responsibilities” and installed new leadership in its capital markets and investment banking divisions.
In its annual proxy statement last month, JPMorgan’s board of directors said it has been particularly focused on succession planning as it seeks potential replacements for Dimon. Top contenders for the coveted position include Jennifer Piepszak and Troy Rohrbaugh, the newly appointed co-CEOs of the bank’s expanded commercial and investment bank; Marianne Lake, CEO of consumer and community banking (who oversaw much of its First Republic acquisition); and Mary Erdoes, CEO of asset and wealth management.
Dimon said the unique structure of the bank means there are a lot of executives who “have deep knowledge of the whole company,” and that it already has “built-in succession” with chief operating officer Daniel Pinto.