Jamie Dimon's recent decision to sell 1 million shares of JPMorgan Chase (NYSE:JPM), where he has been at the helm as CEO since 2006, is perhaps an indication that the 67-year-old "is getting closer to retirement."
That's according to Wells Fargo analyst Mike Mayo, who predicts Dimon will transition from his current role in about three and a half years.
If Dimon stays with the bank until 2026, he has a generous, board-approved bonus of 1.5 million options waiting for him — but only if he gets the stock price back up to $149. The stock closed Friday, Oct. 27, at around $135.69 per share.
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Dimon has reportedly never sold shares of JPMorgan before. And CEOs selling stock ahead of retirement is nothing new. Earlier this year, Australia's Qantas Airways Ltd. (OTC:QABSY) saw its outgoing honcho, Alan Joyce, sell A$16.9 million ($11.3 million) of shares in the airline, just weeks before he quit.
Last week, rival bank Morgan Stanley (NYSE:MS) named a new CEO, Ted Pick, to replace James Gorman after 14 years.
It remains to be seen who might take over for Dimon. Ever since he had emergency heart surgery done in early 2020, the list of candidates has gotten longer. It includes JPMorgan execs Marianne Lake, Jennifer Piepszak, Daniel Pinto, Takis Georgakopoulos, Troy Rohrbaugh and Marc Badrichani.
If Dimon were to exit before 2026 for a government job, as Yahoo Finance indicated, he would still get that cushy bonus.
"I love my country and maybe one day I'll serve my country in one capacity or another," Dimon said at a global summit in Shanghai.
He has at least one endorsement for U.S. president. According to hedge fund manager Bill Ackman, Dimon has all the leadership qualities that a Commander in Chief requires.
Sen. Elizabeth Warren (D-Mass) might disagree. Recall the spar session she had with Dimon in 2021 when the world's largest bank by market cap refused to refund the $1.5 billion it made in overdraft fees during the COVID-19 pandemic.
"No matter how you try to spin it, this past year has shown that corporate profits are more important to your bank than offering just a little help to struggling families, even when we are in the middle of a worldwide crisis," she told Dimon.
I would watch Elizabeth Warren pummel Jamie Dimon all day. pic.twitter.com/S1XPzMriZf
— Sawyer Hackett (@SawyerHackett) May 26, 2021
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Photo: Dudek1337 via flickr