JP Morgan Chase Chairman and CEO Jamie Dimon won a vote of confidence Tuesday by receiving majority shareholder votes rejecting a proposal to strip him of his chairman title.
Dimon’s retaining of his title is a big victory for the brash leader of the largest bank in the US>
32% of shareholders supported the split in roles, down significantly from 2012’s tally of 40% on the same issue. The reversal will embolden companies who still follow the principle of having only one person serve as the chairman and chief executive officer.
The 57-year-old Dimon has, in recent years, faced sharp scrutiny despite praises for steering JP Morgan Chase successfully through the financial crisis while other institutions were relying on government bailouts.
Stocks for the global financial services firm were up nearly 2% in trading that day, to $53.5.
The official vote count was announced before a packed conference hall of 300 in Tampa, Florida. Management praised Damon during the two-hour meeting saying, “We do believe the current governance structure, with Jamie Dimon serving as both chairman and CEO, and an independent minded board, has served the shareholders well and is right for the company at this time,” said JP Morgan Chase’s presiding officer and former Exxon Mobil chairman Lee Raymond.