In light of J.P. Morgan CEO Jamie Dimon’s unfortunate health complications, two top executives are prepared to take over should Dimon be unable to fulfil his duties, the WSJ reported.
The article said Dimon has been grooming several employees for potential succession. Dimon will soon undergo chemotherapy for about eight weeks to treat throat cancer, he announced on Tuesday. He was diagnosed with the illness this week, and said he plans to remain actively involved in the business.
The top two contenders are:
Mary Callahan Erdoes, CEO of J.P. Morgan’s Asset Management division. Erdoes has been with J.P. Morgan for 18 years, joining the company as head of fixed income in 1996. Now, the 46-year-old manages about $US1.5 trillion in assets. Last year she brought in $US11.3 billion in revenue and $US2 billion in net income, and has seen consistent increases in assets over the past five years. Prior to J.P. Morgan, Erdoes worked in corporate finance at Bankers Trust. She earned a B.S. from Georgetown and M.B.A. from Harvard Business School.
Gordon Smith, CEO of Community and Consumer Banking. Smith, 55, joined J.P. Morgan in 2007 after working for American Express for almost 30 years. He runs Chase retail banking, including credit cards, auto loans, and mortgages. According to WSJ, his division brought in $US10.7 billion in revenue for 2013. Smith graduated from Thunderbird School of Global Management with a Master’s degree in international management.
Also being considered for long-term leadership are COO Matt Zames, Chief Executive of Commercial Bank Doug Petno, CEO of Corporate and Investment Bank Daniel Pinto, CFO Marianne Lake, and Chief Risk Officer Ashley Bacon, the article said.