Jamie Dimon‘s current determination to promote 1 million shares of JPMorgan Chase JPM, the place he has been on the helm as CEO since 2006, is probably a sign that the 67-year-old “is getting nearer to retirement.”
That is based on Wells Fargo analyst Mike Mayo, who predicts Dimon will transition from his present position in about three and a half years.
If Dimon stays with the financial institution till 2026, he has a beneficiant, board-approved bonus of 1.5 million choices ready for him — however provided that he will get the inventory worth again as much as $149. The inventory closed Friday, Oct. 27, at round $135.69 per share.
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Dimon has reportedly by no means bought shares of JPMorgan earlier than. And CEOs promoting inventory forward of retirement is nothing new. Earlier this 12 months, Australia’s Qantas Airways Ltd. QABSY noticed its outgoing honcho, Alan Joyce, promote A$16.9 million ($11.3 million) of shares within the airline, simply weeks earlier than he give up.
Final week, rival financial institution Morgan Stanley MS named a brand new CEO, Ted Decide, to interchange James Gorman after 14 years.
It stays to be seen who may take over for Dimon. Ever since he had emergency coronary heart surgical procedure achieved in early 2020, the record of candidates has gotten longer. It consists of JPMorgan execs Marianne Lake, Jennifer Piepszak, Daniel Pinto, Takis Georgakopoulos, Troy Rohrbaugh and Marc Badrichani.
If Dimon had been to exit earlier than 2026 for a authorities job, as Yahoo Finance indicated, he would nonetheless get that comfortable bonus.
“I really like my nation and possibly sooner or later I will serve my nation in a single capability or one other,” Dimon mentioned at a worldwide summit in Shanghai.
He has a minimum of one endorsement for U.S. president. In keeping with hedge fund supervisor Invoice Ackman, Dimon has all of the management qualities {that a} Commander in Chief requires.
Sen. Elizabeth Warren (D-Mass) may disagree. Recall the spar session she had with Dimon in 2021 when the world’s largest financial institution by market cap refused to refund the $1.5 billion it made in overdraft charges through the COVID-19 pandemic.
“Irrespective of the way you attempt to spin it, this previous 12 months has proven that company earnings are extra essential to your financial institution than providing just a bit assist to struggling households, even after we are in the midst of a worldwide disaster,” she advised Dimon.
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Picture: Dudek1337 through flickr
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