There’s an Oilman on JPMorgan’s Board. Climate Activists Want Him Out
A shareholder group is trying to dislodge former Exxon boss Lee Raymond from the biggest U.S. bank.
Few people are in a position to influence Jamie Dimon, the chief executive who turned JPMorgan Chase & Co. into the biggest U.S. bank. The longtime climate skeptic who turned Exxon Mobil Corp. into the biggest U.S. oil company is one of them.
Lee R. Raymond, 81, holds the top position on JPMorgan’s 11-member board after Dimon. He has occupied his seat for 33 years, making him both the longest-serving and oldest director among Wall Street’s biggest banks. He helped guide JPMorgan through mega-mergers after mastering them at Exxon, backed Dimon during his rise and has stood by him. Even as the bank draws fire for lending billions to the fossil-fuel industry, the former oil executive’s power inside the $2.7 trillion financial firm has gone little noticed.