Looks like JP Morgan Chase’s CEO has finally laid out his plan for a successor. Jaime Dimon announced in a letter that he will be “shuffling” the order of his top execs so that in the event he does decide to leave the bank, the company will be prepared. According to the New York Post, those that should expect to see a change in their job titles are CFO Michael Cavanagh, Charlie Scharf, CEO of the retail-services unit, and Samuel Maclin, CEO of commercial banking.
The idea is that JP Morgan’s team will be able to strengthen their leadership skills if those in the running have experience in various positions. So when will the change occur? We aren’t quite sure. Dimon may have Cavanagh, Scharf and Maclin in mind, but the possibility of him leaving soon is still unclear.
You might recall a few months ago the business world was buzzing with rumors of his possible step down as CEO. In fact, Dimon has also expressed interest in running for a government position. Back in 2009, there were speculations that he might take over Treasury Secretary Tim Geithner’s position.
Source New York Post