On Monday, JPMorgan Chase & Co. released a statement announcing the Board of Directors’ intent to elect Linda B. Bammann and Michael A. Neal on as directors. Jamie Dimon, Chairman and CEO of JPMorgan Chase, stated, “Linda and Mike are proven leaders and will bring outstanding risk, finance and management experience to our Board and to our firm.”
The move was anticipated since at least last month. JPMorgan Chase is the largest US bank and has faced some recent regulatory scrutiny. Dimon says that the bank has prioritized improving regulatory compliance and internal controls this year.
In another personnel move, Lee Raymond, a past director, has been named Lead Independent Director. Raymond’s new position is a more powerful one, apparently allowing him to call meetings any time, approve agendas and add to them at will. He is also expected to guide the Board in decisions on CEOs.
Bammann’s anticipated election is for 16 September when she will also become part of the Board’s Risk Policy Committee. Her previous positions were Deputy Head of Risk Management at JP Morgan Chase and as Chief Risk Management Officer at Bank One Corporation (now a part of JPMorgan Chase) where she served under Dimon. Bammann, who is 57, retired in 2005. Her post-retirement service on other Boards includes Director of The Federal Home Loan Mortgage Corporation (Freddie Mac), member of the Risk Management Association and Chair of the Loan Syndications and Trading Association.
Neal, 60, will step down from his current position as Vice Chairman of General Electric Company before joining the JPMorgan Chase Board in January 2014. Neal has been a committed GE officer since 1979. His positions there have included President and COO of GE Capital, CEO of GE Commercial Finance and Chairman and CEO of GE Capital starting in 2007.
[Image via JP Morgan Chase Official Website.]