JPMorgan Chase & Co., the biggest U.S. lender, opposed splitting Jamie Dimon’s roles of chairman and chief executive officer because the change “could be disruptive.”
The board is made up of directors who are all independent other than Dimon and is led by a “strong” presiding director, according to a letter sent today by two directors to stockholders of the New York-based company. The structure provides “appropriate accountability to our shareholders and counterbalance to the combined CEO/Chair role,” according to the letter.
The letter was written by former Exxon Mobil Corp. Chairman and CEO Lee R. Raymond, the board’s presiding director, and former Johnson & Johnson Chairman and CEO William C. Weldon, the chairman of JPMorgan’s corporate governance and nominating committee.
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