Investors fret over JPMorgan succession after chairman Jamie Dimon's cancer scare
The news that JPMorgan Chaseâ€™s chief executive and chairman Jamie Dimon has been diagnosed with curable throat cancer has raised the issue of succession at Americaâ€™s biggest bank…
â€œItâ€™s an uncomfortable discussion,â€ the corporate governance expert Lucy Marcus said. â€œWe all have difficulty talking succession planning, but it must be discussed.â€
In JPMorganâ€™s case, Ms Marcus said many issues arise because one individual holds so much power and influence.
â€œWhere 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.â€
Ms Marcus said the roles should be split. â€œIf something should happen â€“ we are mortal and you could get hit by a bus â€“ what happens? This is one of the largest organisations in the world.
â€œThe fact that so much power and so much of the bankâ€™s identity is wrapped up in one person â€“ that is an issue.â€