JPMorgan Chase gives Dimon a bonus in the hopes of extending his contract.
Jamie Dimon was given a special stock option award to encourage him to stay at JPMorgan Chase for a “significant” amount of time, the bank announced this week.
According to a July 20 securities filing, Dimon, who has managed the massive bank since 2005, earned 1.5 million stock options in a one-time award expressing the board’s “desire for Mr. Dimon to continue to lead the firm for a significant number of years.”
The options can only be exercised after five years and are “subject to continued leadership of the firm, with certain restricted exceptions,” according to the filing.
The board “considered the importance of Mr. Dimon’s continuous, long-term stewardship of the firm, leadership continuity, and management succession planning against a very competitive landscape for executive leadership talent” when issuing the special award, according to the filing.
“Other considerations considered by the board included the firm’s exceptional performance since 2005 under Mr. Dimon’s guidance, his exemplary leadership, and his major contributions to the firm’s success during his tenure.”
Dimon, 65, is the lone remaining CEO of a major Wall Street bank who presided over the financial crisis of 2008. In 2020, he received $31.5 million in cash and stock-related pay.
Dimon endured throat cancer chemotherapy in 2014 and emergency heart surgery in March 2020.
However, he has remained a powerful and visible figure in American industry, vehemently defending the bank’s policies in sometimes tense congressional hearings this spring.
Marianne Lake and Jennifer Piepszak were promoted to co-chiefs of the bank’s Consumer & Community Banking business earlier this year as prospective successors.
Daniel Pinto, the bank’s chief operational officer, is another option.