JPMorgan offers Jamie Dimon ‘special award’ value tens of millions to stay round as CEO

Jamie Dimon simply were given a large incentive to stay leader govt of JPMorgan Chase & Co. for some time longer.

The 65-year-old billionaire gained a “special award” from the funding financial institution Tuesday, within the type of 1.5 million stock appreciation rights, which Dimon can workout like choices for tens of tens of millions of greenbacks if the corporate’s inventory rises over the approaching years.

The choices have a 10-year vesting time table, and can’t be exercised till a minimum of July 2026. The choices don’t seem to be a part of Dimon’s common annual repayment, and still have clawback and restoration provisions.

In a filing with the Securities and Exchange Commission, JPMorgan JPM, +1.86% mentioned the award “reflects the board’s desire for Mr. Dimon to continue to lead the firm for a further significant number of years.

“In making the special award, the board considered the importance of Mr. Dimon’s continuing, long-term stewardship of the firm, leadership continuity, and management succession planning amidst a highly competitive landscape for executive leadership talent.”

Dimon has served as CEO since 2005, and has became JPMorgan into the rustic’s maximum winning financial institution. Last week it reported solid second-quarter earnings, handily beating analysts’ income estimates.

Dimon, who underwent emergency heart surgery last year, has now not indicated any retirement plans, and for years has given a regular solution — “five more years” — to journalists and analysts asking him about it. In May, JPMorgan promoted two potential successors.

JPMorgan stocks are up 18% 12 months thus far, and up 51% over the last 365 days, in comparison to respective beneficial properties of 15% and 33% for the S&P 500 SPX, +1.52% over the ones sessions.

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