JPMorgan (JPM) Raises CEO Jamie Dimon’s Pay 10% to $34.5 Million for 2021, Bloomberg
JPMorgan increased CEO Jamie Dimon’s 2023 compensation to $36 million from $34.5 million, citing the bank’s record-breaking $49.6 billion profits in 2023. The package includes a $1.5 million base salary and $34.5 million in performance-based compensation. The board emphasized Dimon’s unique leadership qualities, considering JPMorgan the most profitable U.S. bank. Dimon, the longest-serving CEO of a major national bank, led JPMorgan’s stock to a 167% increase since 2005.
As JPMorgan extends its industry dominance, questions arise about Dimon’s future. Despite expressing no immediate departure plans, he acknowledged the eventual need for succession. A special retention bonus of 1.5 million options, exercisable in 2026, suggests Dimon’s potential stay for at least two more years, contingent on meeting performance targets. Notably, he can leave early for a government job.
Speculations about Dimon’s future include political roles, with endorsements for a presidential run in 2024. The article highlights the importance of Dimon’s role, emphasizing his contributions to company growth, market leadership, risk management, and diversity promotion. While JPMorgan plans to split the chairman and CEO roles upon the next transition, Dimon’s significant influence on the board is evident, reflecting the bank’s commitment to his continued leadership.
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