Dimon has 'no plans' to run for public office but hasn't ruled out public service
JPMorgan Chase (JPM) CEO Jamie Dimon isn't planning to run for public office, but he hasn't ruled out public service after his time of running the nation's largest bank is done.
The company released a statement Monday clarifying Dimon's plans after the CEO admitted in an interview with Bloomberg last Wednesday that the thought of running for public office had crossed his mind. Billionaire hedge fund manager Bill Ackman later that same day on Twitter urged the executive to run for president.
JPMorgan said in its statement Monday that Dimon has "no plans to run for office" and that "he is very happy in his current role."
He would still, however, like to "serve our country in some way" after JPMorgan, said a person familiar with his thinking.
Dimon has frequently been linked over the years to top roles in Washington. During President Obama’s time in office, Dimon was frequently mentioned as a possible Treasury Secretary. Billionaire Warren Buffett even offered his endorsement in 2012, saying Dimon would be the best pick for that job.
Jamie Dimon is one of the world's most respected business leaders. Politically he is a centrist. He is pro-business and pro-free enterprise, but also supportive of well-designed social programs and rational tax policies that can help the less fortunate. He is extremely smart,…
— Bill Ackman (@BillAckman) May 31, 2023
The 67-year-old Dimon has made it clear he has no near-term plans to leave. He has, however, openly mused about life after JPMorgan.
"I can’t do this forever, I know that," Dimon told analysts on May 22. "But my intensity is the same. I think when I don't have that kind of intensity, I should leave."
It is possible Dimon, who became CEO in 2005 and is the longest-serving leader of a big US bank, could stay at least three more years. The board has made it clear it wants him running the bank that much longer.
The clue is a special retention bonus of 1.5 million options the board awarded Dimon in 2021. He can't exercise those options until 2026, and he has to stay at the bank the entire time while meeting certain performance targets.
The current expected value of the award is around $49 million, according to Andy Restaino of Technical Compensation Advisors. It cannot be exercised unless JPMorgan’s stock regains $149, its price when the bonus was awarded. The bank's stock was $138 as of 1 pm ET.
But the retention plan does have one interesting provision that allows Dimon to exit earlier: He can exercise the options if he leaves for a government job, according to a regulatory filing. Elected or unelected.
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