JPMorgan Chase & Co. (NYSE: JPM) has announced plan to shake up its management team in the deal advisory business.
The firm has moved two long-time managers into senior relationship roles, while also hiring a prominent corporate lawyer to build out the group. Jimmy Elliott, who has been global head of M&A for more than five years, will become global chairman of M&A and work with the firm’s most important clients on strategic transactions. James Woolery, a partner at law firm Cravath, Swaine & Moore, will join JPMorgan on February 7 as co-head of North America M&A, with Chris Ventresca staying on as the other head.
Jeff Stute, who became co-head of North America M&A in 2008, will become head of North America healthcare coverage group, taking over from Robbie Huffines, who had the job for eight years. Huffines will become vice chairman of investment banking and focus on client relationships. Jeff Urwin, co-head of North America Investment Banking commented “As one of JPMorgan’s senior partners at Cravath, we’ve had the opportunity to work closely with Jim Woolery.”
All three have the panache of rainmakers, and the ability to deliver new and ongoing business to the firm. Elliot has been involved personally in some of JPMorgan’s largest M&A assignments, and worked on Exxon’s $86 billion takeover of Mobil in 1999. Stute, who joined JPMorgan in 1994, has advised on deals such as Merck’s $41 billion acquisition of Schering Plough and Universal Health on its $2 billion deal to buy Psychiatric Solutions. Woolery’s recent clients include Air Products & Chemicals, National City and Universal Health.
