Is Jamie Dimon a ruthless and intimidating banker, or are his suits made of Teflon? The chairman of JPMorgan Chase and his shareholders successfully killed an investors’ proposal to strip him of his title and split the job between two people, sources said Tuesday. While the final tally of the vote has yet to be released, several shareholders who have seen the total confirmed that Dimon did in fact defeat the campaign. It’s not the first time investor groups have tried to oust the silver-haired chief executive officer. A similar proposal was brought to the table in 2011, but failed to pass, garnering only 40 percent of the vote.
Jamie Dimon and the 10 other directors of JPMorgan Chase were all re-elected at the bank’s annual shareholders meeting in Tampa, Fla., today.
Even if JPMorgan shareholders had accepted the proposal, the bank would not have been required to act. But the board will likely make changes to derail future calls for a shake-up. The possibilities include reshuffling the bank’s risk committee or giving its lead director more power.
Oh, yeah give him more power. That'll teach him to be more cautious with other people's money.