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JPMorgan Chase gives Dimon bonus, hoping to extend tenure

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JP Morgan Chase granted Jamie Dimon a one-time stock option bonus award to coax him to stay longer as CEO./AFP
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Jul 22, 2021 - 01:26 AM

NEW YORK — Jamie Dimon was granted a special stock option award to incentivize the longtime JPMorgan Chase leader to remain in his job for a “significant” period, the bank disclosed this week.

Dimon, who has led the giant bank since 2005, received 1.5 million stock options in a one-time award reflecting the board’s “desire for Mr. Dimon to continue to lead the firm for a further significant number of years,” according to a July 20 securities filing.

Vesting of the options can begin only after five years and is “subject to continuous leadership of the firm, with certain limited exceptions,” the filing said.

“In making the special award, the board considered the importance of Mr. Dimon’s continuing, long-term stewardship of the firm, leadership continuity and management succession planning amidst a highly competitive landscape for executive leadership talent,” the filing said.

“The board also took into account other factors, including the firm’s strong performance under Mr. Dimon’s stewardship since 2005, his exemplary leadership and his significant contributions to the firm’s success during his tenure.”

Dimon, 65, is the lone remaining CEO of a large Wall Street bank who was at the helm during the 2008 financial crisis. He was paid $31.5 million in 2020 in cash and stock-related compensation.

Dimon underwent chemotherapy in 2014 for throat cancer and had emergency heart surgery in March 2020.

But he has remained a forceful and prominent figure in American business, robustly defending the bank’s practices in sometimes contentious congressional hearings this spring.

Earlier this year, the bank promoted as potential successors Marianne Lake and Jennifer Piepszak to serve as co-chiefs of its Consumer & Community Banking business.

Another possibility is Daniel Pinto, the bank’s chief operating officer.

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