Investors fret over JPMorgan succession after chairman Jamie Dimon's cancer scare

The news that JPMorgan Chase’s chief executive and chairman Jamie Dimon has been diagnosed with curable throat cancer has raised the issue of succession at America’s biggest bank…

“It’s an uncomfortable discussion,” the corporate governance expert Lucy Marcus said. “We all have difficulty talking succession planning, but it must be discussed.”

In JPMorgan’s case, Ms Marcus said many issues arise because one individual holds so much power and influence.

“Where you have the chairman and the CEO as one person and so much power and charisma, so much of the identification of the organisation is built around Jamie Dimon.”

Ms Marcus said the roles should be split. “If something should happen – we are mortal and you could get hit by a bus – what happens? This is one of the largest organisations in the world.

“The fact that so much power and so much of the bank’s identity is wrapped up in one person – that is an issue.”

Read the full article on The Independent site.

Date

2 July 2014

Organisation

The Independent

Investors fret over JPMorgan succession after chairman Jamie Dimon's cancer scare

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