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JPMorgan Chase has promised to announce a new lead independent director by the end of September, ending the 19-year tenure of former ExonnMobil chief Lee Raymond, and meeting the demands for change led by the city’s comptroller and climate groups. NY.
The largest bank in the United States revealed the timetable for naming Raymond’s successor in documents filed ahead of its annual shareholders meeting on May 19. The 81-year-old former oil chief will remain in his place as director.
“This is a tremendous victory for shareholders and for the planet,” said Scott Stringer, the New York City comptroller, who argued against Raymond’s stay because of his ties to the fossil fuel industry.
Raymond is the most powerful force on the JPMorgan board after Jamie Dimon, the bank’s longtime leader who holds the titles of chief executive and president.
The role of chief independent director was enhanced after the London Whale business scandal in 2012, which cost the bank more than $ 6 billion.
A JPMorgan spokesman was not available for comment. The bank had previously indicated it would plan a transition to the role of chief independent director, but had not detailed the timing.
Climate change groups, including the Majority Action and the Stop the Money Pipeline Coalition, also claimed Raymond’s demotion as a victory. However, his campaign is not yet over.
Eli Kasargod-Staub, CEO of Majority Action, said JPMorgan shareholders would be “better served when Raymond is removed from the board entirely.”
