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JP Morgan says Jamie Dimon will continue to serve as CEO for five more years
J.P. Morgan Chase (JPM)'s chairman and CEO, Jamie Dimon, will stay in that role for another five years, the bank said Monday, though it named two lieutenants to a co-president job. Daniel Pinto, 55, and Gordon Smith, 59, will start their new roles as co-presidents and co-chief operating officers on Tuesday, reporting to Dimon. They are, respectively, the CEOs of J.P. Morgan's corporate and investment bank and its consumer bank. J.P. Morgan's board and Dimon agreed that Dimon, 61, would stay at the bank, the statement said. But the promotions of the two executives "reflect the enormous contributions" they have made. They will continue to function in their current jobs while working with Dimon to "drive critical firmwide opportunities," the statement said. Dimon is one of banking's longer-running CEOs, taking on the title of chief executive officer at the end of 2005 and chairman a year later. During his tenure as CEO, J.P. Morgan's stock has more than doubled to $116.20 from $48.07. But his history at the helm has had its share of drama. J.P. Morgan came through the financial crisis relatively unscathed having snapped up a faltering Bear Stearns and Washington Mutual but later got tripped up in a trading debacle that came to be known as the London Whale. Dimon's tenure at the top rivals that of fellow CEO Lloyd Blankfein of Goldman Sachs, both of whom have been in charge of their companies for more than a decade. The average tenure of a S&P 500 CEO is four years. Pinto and Smith take on the role as heirs apparent after a wave of would-be successors and Dimon protegees have departed over the last few years, many going on to run other financial companies. Last fall, Dimon said the next CEO of J.P. Morgan would be coming from inside its executive ranks, though he arrived by way of a merger in 2004. He has said the running joke inside the bank was that he would stay for "another five years."
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