Jamie Dimon addresses a fresh round of CEO succession questions in an earnings call
- JPMorgan Chase CEO Jamie Dimon was asked on an earnings call who would be likely to replace him.
- Dimon suggested there is a running list but that no final decision has been made.
- The comments follow the latest leadership reshuffle due to a top exec's retirement plans.
One of the biggest Wall Street storylines over the years has been around who will eventually take over as CEO of JPMorgan Chase — a role long held by Jamie Dimon.
Questions resurfaced this week when America's biggest bank by assets announced a series of management changes triggered by the pending retirement of Daniel Pinto, the firm's president and COO and longtime stand-in for Dimon in the case of an emergency.
The leadership reshuffle sparked fresh speculation about who might succeed Dimon, a topic that played out on the company's fourth-quarter earnings call on Wednesday.
"Jamie, who's your successor?," Wells Fargo's bank research analyst Mike Mayo asked on the call.
Dimon suggested there is a running list (including some people analysts like Mayo may not suspect) but that no final decision has been made. He declined to name names, however, except for Jenn Piepszak, co-CEO of JPMorgan's commercial and investment bank, who was tapped to replace Pinto as COO and who has said she doesn't want the CEO job.
"We have several exceptional people. You guys know most of them. Maybe one or two you don't know," Dimon told Mayo. "The board reviews and meets with them all the time. I think it's wonderful that Jenn Piepszak, who does not want to be the CEO, will be here as
chief operating officer and stay after that."
As Business Insider reported this week, Pinto is set to step down in June from his day-to-day role and fully retire at the end of 2026. Piepszak agreed to take on the role of COO vacated by Pinto but took her name out of the ring for CEO consideration.
"And obviously, we're not going to tell the press, but it's not determined yet," Dimon said. Even if there was a top pick, he said, things could change by the time he steps down as CEO.
"People get sick, they change their mind or family circumstances. So even if you thought you knew today, you couldn't be completely sure," he said.
Dimon made headlines last year when he said his time as JPMorgan's CEO was coming to a close. "The timetable is not five years anymore," he told investors, a reference to a running joke about how, when asked how long he might remain at the helm, he's often said five years.
On Wednesday, Dimon suggested that he still plans to retire as CEO, although not necessarily chairman, in four to five years.
"Now you're talking potentially four, five years or more," he said. "I'll be 69 in March. I think it's the rational thing to do."
"I've had a couple of health problems, you know," he added, referring to cardiac issues he'd undergone in recent years. In 2020, he underwent emergency heart surgery.
"If I'm here for several more years, I may or may not be chairman," he said, adding, "It's going to be up to the board."