JPMorgan gives Jamie Dimon ‘special award’ worth millions to stick around as CEO

3 months ago 19
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Jamie Dimon conscionable got a large inducement to stay main enforcement of JPMorgan Chase & Co. for a portion longer.

The 65-year-old billionaire received a “special award” from the concern slope Tuesday, successful the signifier of 1.5 cardinal banal appreciation rights, which Dimon tin workout similar options for tens of millions of dollars if the company’s banal rises implicit the coming years.

The options person a 10-year vesting schedule, and cannot beryllium exercised until astatine slightest July 2026. The options are not portion of Dimon’s regular yearly compensation, and besides person clawback and betterment provisions.

In a filing with the Securities and Exchange Commission, JPMorgan JPM, +1.86% said the grant “reflects the board’s tendency for Mr. Dimon to proceed to pb the steadfast for a further important fig of years.

“In making the peculiar award, the committee considered the value of Mr. Dimon’s continuing, semipermanent stewardship of the firm, enactment continuity, and absorption succession readying amidst a highly competitory scenery for enforcement enactment talent.”

Dimon has served arsenic CEO since 2005, and has turned JPMorgan into the country’s astir profitable bank. Last week it reported solid second-quarter earnings, handily beating analysts’ gross estimates.

Dimon, who underwent emergency bosom country past year, has not indicated immoderate status plans, and for years has fixed a modular reply — “five much years” — to reporters and analysts asking him astir it. In May, JPMorgan promoted 2 imaginable successors.

JPMorgan shares are up 18% twelvemonth to date, and up 51% implicit the past 12 months, compared to respective gains of 15% and 33% for the S&P 500 SPX, +1.52% implicit those periods.

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