ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
JPMorgan Chase reportedly revealed the identities of executives who may succeed its current chief executive officer, Jamie Dimon. The financial institution’s board revealed the potential successors this week.
According to Reuters, JPMorgan’s board has spent considerable time forming the operating committee. This group consists of well-known executives and shareholders, the strongest candidates to replace Dimon.
Leadership Transition at US’ Largest Bank
The identification of potential successors of CEO Dimon is said to be paving the way now for the impending leadership transition at the company. The succession is currently in the spotlight across Wall Street as new leaders were recently appointed at major financial firms, including Morgan Stanley and Lazard.
JPMorgan is expected to be the next company in the financial services sector to have its new CEO as Dimon is getting close to retirement. He is now 68 years old and may step down within three years. Then again, Brian Mulberry, a manager at Zacks Investment Management, predicted that the chief would exit within five years.
"Considering the increased discussion and disclosures around succession, the target date in my mind has to be within two to five years," he explained. "Otherwise you would not be having these types of letters, disclosures, and discussions very publicly."
At any rate, Dimon’s departure will eventually lead to a leadership transition at Chase as other senior executives are expected to be appointed to new roles as well.
The Potential Successors of Dimon
Reports mentioned several names of those who may serve as new CEO once Dimon leaves. They have been named potential successors mainly because they were recently promoted to new roles.
The top candidates at this time are Jennifer Piepszak and Troy Rohrbaugh, who were promoted to co-CEOs of JPMorgan’s commercial and investment banking unit. The New York Post reported that Marianne Lake, who was appointed chief of the company’s consumer and community banking division, is another contender. The other two candidates are Mary Erdoes and Daniel Pinto.
Photo by: IKECHUKWU JULIUS UGWU/Unsplash
