Business InsiderAccording to an early tally that could still change, The New York Times is calling the JP Morgan shareholder vote for CEO Jamie Dimon.
At 10 a.m. shareholders will begin their annual meeting in Tampa, Florida. This year, they’ll also finish up a vote as to whether Jamie Dimon will continue in his dual role as CEO and Chairman of the board.
The NYT is basing their call on people that have seen preliminary tallies, though they say the margin of victory is unclear and shareholders can still vote.
JPMorgan and board members had run an unusually proactive campaign to avert the split. To help bolster its credibility, JPMorgan’s board, led by Lee R. Raymond, a former chief executive of Exxon Mobil, slashed Mr. Dimon’s pay by more than 50 per cent in January, to $11.5 million….
The strategy helped to head off a showdown in Tampa. Still, a number of Wall Street insiders have suggested the board could have undercut split’s momentum earlier by giving more power to Mr. Raymond, the board’s lead director while shaking up the board’s risk policy committee, which has been criticised for a lack of oversight. Instead, the board has continued to support the risk policy members even over cries from shareholders to oust some directors.
Business Insider will still be tuning in to the meeting, which will be webcast online. Once the final tally is in, we’ll let you know.