JPMorgan’s Jamie Dimon crushes opponents at shareholders meeting
JPMorgan Chase Chairman and CEO Jamie Dimon on Tuesday won a crucial shareholder vote rejecting a proposal to strip him of his chairman title, a big victory for the brash leader of the country’s largest bank.
Thirty-two percent of shareholders supported the split in roles, down significantly from last year’s tally of 40 percent on the same issue, a reversal that will emboldened companies that still embrace having one person serve in the chairman and chief executive roles.
Still, the 57-year-old Dimon must grapple moving forward with a third of his shareholder base who are dissatisfied with him, the bank’s board structure and its directors. The heightened pressure could force Dimon to push in the short-term for significant changes to the board.
The scrutiny Dimon has faced in recent years is in sharp contrast to the praise heaped on him earlier for steering JPMorgan Chase successfully through the financial crisis when other institutions were chastised for receiving government bailouts. In recent weeks, Dimon even raised the possibility he would step down if his roles were split.
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Everything that’s wrong with America, all rolled up in one putz of a CEO. These are all of his associates, in a bizarre spectacle of corporate democracy, where no one is actually an opponent of the status quo. Hey, just like our elections.