If anyone thought Jamie Dimon has mellowed…think again.
The Chairman and CEO of JPMorgan Chase (JPM) is lashing out at shareholders, accusing some of them of being lazy.
The source of Dimon’s ire: votes at the bank’s annual meeting where more than 1/3rd of JPM investors rejected Dimon’s compensation package and a similar percentage backed of a proposal to separate the Chairman and CEO jobs once he leaves.
Dimon used a different investor conference to accuse those shareholders of not doing their own research and just following the recommendations of shareholder advisory services firms Institutional Shareholder Services and Glass Lewis & Co. Both of them went against Dimon on the two votes.
Yahoo Finance Editor-in-Chief Andy Serwer says this outburst is the old Jamie Dimon coming back.
“He’s out again,” he laughs. “They kept him under wraps for a while. And they worked very hard to do that. He was outspoken then he got in trouble with the government that sort of went after him.”
Yahoo Finance Senior Columnist Michael Santoli adds Dimon was also off the radar for a time in 2014 while he was treated for throat cancer.
“He got sick and people said, I wonder if it’s going to mellow him,” he says. “And it hasn’t.”
Santoli notes Dimon has made it clear many times that he’s against those who say the top positions at the bank should be separated.
“There’s been this nagging issue, not just with Jamie Dimon but with other CEO’s that are considered very powerful, they want to split the job between chairman and CEO,” he notes. “Dimon has fought against that idea.”
But Serwer thinks perhaps Dimon would be better served by getting someone else’s opinion.
“He would benefit, probably, from some other strong voices at that bank,” Serwer argues. “He speaks his mind and that’s great, it’s refreshing, he has a great chairman's letter--but sometimes he’s tone deaf. If there was a chairman there maybe he could have conversations with this person and say, ‘I think these people are lazy and I’m going to say something about it.’ And the chairman might say, ‘Maybe you better keep that to yourself.’”
And according to Santoli, Dimon’s stubbornness might actually be hurting JPM.
“The board has an interest in creating a succession plan," he argues. “And there is a parade of people considered to be potential successors who have gone elsewhere perhaps because they didn’t see a path there.”
But either way, Serwer is glad Dimon is still out there swinging.
“He’s always great to talk about,” Serwer says.
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