Wall Street’s Longest-Serving C.E.O. Says He Isn’t Going Anywhere
- 6 years ago
Wall Street’s Longest-Serving C.E.O. Says He Isn’t Going Anywhere
A handful of earlier would-be successors left JPMorgan after it was clear
that Mr. Dimon wouldn’t be stepping aside in time for them to take over — sparking concerns among some industry observers that the bank wasn’t doing a good job of grooming talent to eventually replace him
Monday’s announcement identified Mary Erdoes, 50, who runs the bank’s asset
and wealth management arm; Doug Petno, 52, who runs the commercial banking division; and Marianne Lake, 48, the bank’s finance chief, as among the up-and-comers.
In an announcement that seemed designed in part to address questions about the bank’s succession planning, JPMorgan said two of his deputies, Daniel Pinto
and Gordon Smith, would be promoted to the joint roles of presidents and chief operating officers.
Both Mr. Pinto and Mr. Smith are old enough that it is unclear whether they will be serious
contenders to eventually replace Mr. Dimon, especially if he sticks around for five years.
Since taking JPMorgan’s helm more than 12 years ago, Mr. Dimon has survived a financial crisis, a monumental trading blowup and throat cancer.
James Dimon, the chairman and chief executive of JPMorgan Chase, already has outlasted all of his Wall Street peers.
Mr. Pinto, 55, has led JPMorgan’s investment bank for five years.
A handful of earlier would-be successors left JPMorgan after it was clear
that Mr. Dimon wouldn’t be stepping aside in time for them to take over — sparking concerns among some industry observers that the bank wasn’t doing a good job of grooming talent to eventually replace him
Monday’s announcement identified Mary Erdoes, 50, who runs the bank’s asset
and wealth management arm; Doug Petno, 52, who runs the commercial banking division; and Marianne Lake, 48, the bank’s finance chief, as among the up-and-comers.
In an announcement that seemed designed in part to address questions about the bank’s succession planning, JPMorgan said two of his deputies, Daniel Pinto
and Gordon Smith, would be promoted to the joint roles of presidents and chief operating officers.
Both Mr. Pinto and Mr. Smith are old enough that it is unclear whether they will be serious
contenders to eventually replace Mr. Dimon, especially if he sticks around for five years.
Since taking JPMorgan’s helm more than 12 years ago, Mr. Dimon has survived a financial crisis, a monumental trading blowup and throat cancer.
James Dimon, the chairman and chief executive of JPMorgan Chase, already has outlasted all of his Wall Street peers.
Mr. Pinto, 55, has led JPMorgan’s investment bank for five years.