JP Morgan Chase & Co (NYSE: JPM) CEO Jamie Dimon is believed to be preparing succession plans and will likely restructure the rules of top executives at the bank, according to a report from the New York Post, citing anonymous sources.
The report in the Post said that “Dimon will be shuffling the roles of his key lieutenants in order to set the stage for his eventual successor.”
Among those likely to see job changes during the next few month include CFO Michael Cavanagh, Retail Services CEO Charlie Scharf and Commercial Banking CEO Samuel Maclin.
As part of the company’s annual letter to shareholders, Dimon said that he is focused intensely on developing a succession plan but stressed that the bank had a strong team of talent to ensure that there would be not issues if Dimon left suddenly.
If Dimon were to leave the company with short notice, James Staley, head of JP Morgan’s investment banking unit would temporarily take over Dimon’s duties as CEO.
Dimon has not given any indication that he intends to leave the bank in the immediate future, according to the Post, but that Dimon has expressed interest in serving his country in a public role. At one time, Dimon’s name was mentioned as a possible successor to Treasury Secretary Tim Geithner.
