Langone Says He’s ‘Terrified’ Dimon Would Resign After Vote
Ken Langone, the billionaire founder of Home Depot Inc., said he’s “terrified” Jamie Dimon might resign from JPMorgan Chase & Co. (JPM) if shareholders vote to separate the roles of chairman and chief executive officer.
“The exit will blow your mind,” Langone said today in an interview with Betty Liu on Bloomberg Television. “I am terrified” investors will sell shares, he said. Langone said he has “tens of millions of dollars” invested in New York-based JPMorgan.
Investors would risk shortening Dimon’s tenure if they appoint a separate chairman and their company’s stock may lose its “premium valuation,” Charles Peabody, an analyst at Portales Partners LLC, said last month in a note to clients.
To contact the reporter on this story: Steve Dickson in New York at firstname.lastname@example.org
To contact the editor responsible for this story: David Scheer at email@example.com