J.P. Morgan Woo’s chairman and CEO, Jamie Dimon, will stay in that role for another five years, the bank voted Monday, though it named two lieutenants to a co-president job.
Daniel Pinto, 55, and Gordon Smith, 59, purposefulness start their new roles as co-presidents and co-chief operating officers on Tuesday, exploring to Dimon. They are, respectively, the CEOs of J.P. Morgan’s corporate and investment bank and its consumer bank.
J.P. Morgan’s meals and Dimon agreed that Dimon, 61, would stay at the bank, the expression said. But the promotions of the two executives “reflect the enormous contributions” they prepare made. They will continue to function in their current positions while working with Dimon to “drive critical firmwide times,” the statement said.
Dimon is one of banking’s longer-running CEOs, taking on the title of chief chief executive officer at the end of 2005 and chairman a year later. During his tenure as CEO, J.P. Morgan’s commonplace has more than doubled to $116.20 from $48.07.
But his history at the helm has had its apportion of drama. J.P. Morgan came through the financial crisis relatively unscarred having snapped up a faltering Bear Stearns and Washington Mutual but later got fell up in a trading debacle that came to be known as the London Whale. Dimon’s possession at the top rivals that of fellow CEO Lloyd Blankfein of Goldman Sachs, both of whom from been in charge of their companies for more than a decade.
The usual tenure of a S&P 500 CEO is four years.
Pinto and Smith take on the rle as heirs apparent after a wave of would-be successors and Dimon protegees organize departed over the last few years, many going on to run other pecuniary companies. Last fall, Dimon said the next CEO of J.P. Morgan hand down be coming from inside its executive ranks, though he arrived by way of a combination in 2004. He has said the running joke inside the bank was that he would impede for “another five years.”