JPMorgan Chase & Co. mentioned Lee Raymond, the corporate’s longest-serving director, is resigning from the board.
Raymond, the previous Exxon Mobil Corp. boss who’s been on the board of the largest U.S. bank for greater than three a long time, notified JPMorgan of his intention to resign efficient Dec. 31, based on a regulatory submitting Friday. The choice was “not the result of any disagreement with the company,” based on the submitting.
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JPMorgan mentioned in May it was planning to call a alternative for Raymond, 82, after nonprofit teams and a few giant traders pushed to take away him attributable to his observe document on local weather change. In September, the bank named Stephen Burke as lead unbiased director. Nonetheless, Raymond’s departure comes sooner than anticipated. He was elected this 12 months to serve one other one-year time period, working to May 2021.
Raymond was “an instrumental pressure in serving to make JPMorgan Chase the excellent firm it’s in the present day,” Chief Govt Officer Jamie Dimon wrote Friday in a memo to employees seen by Bloomberg.
Raymond helped information the lender via mega-mergers after mastering them at Exxon, assisted JPMorgan in getting via the worldwide monetary disaster and has been certainly one of Dimon’s largest supporters and advisers.
“He helped us navigate through some of our most challenging times,” Dimon wrote. “He is a man of extraordinary character, wisdom and judgment, embodying exactly what we want in a steward of the firm — complete intellectual independence, a deep understanding of strategy and people, extraordinary tough-mindedness and, importantly, fairness.”