Boston, MA 07/08/2014 (wallstreetpr) – Jamie Dimon, the long-serving CEO of JPMorgan Chase & Co. (NYSE:JPM), has throat cancer but will continue running the company even as he undergoes treatment.
The treatment of the CEO is expected to last about eight weeks. He will receive treatment at Memorial Sloan Kettering Cancer Center.
The CEO told employees that his condition was curable because doctors confirmed that the cancer was confined to its “original site.” Dimon is 58 and recently marked 10 years at the helm of the largest bank in the U.S.
His tenure at the bank has been marked with numerous successes such as the ability of the bank to shake off the impact of the financial meltdown and to emerge from the problem stronger than its rivals.
It has emerged that the board of directors had already discussed various succession plans even before the diagnosis of Mr. Dimon. The board established a short-term, medium-term and long-term plans for the CEO succession, according to the bank’s spokesman, Joseph Evangelisti.
The potential successors considered in the plan included Mary Erdoes, the head of asset management and Gordon Smith, who runs the consumer bank business. The inclusion of Mr. Smith in the succession plan further validated the fact that consumer banking is becoming more prominent at JPMorgan Chase & Co. (NYSE:JPM) as the bank shifts away from complex deal-making that was once the hallmark of Wall Street.
Loss of executives
Although JPMorgan Chase & Co. (NYSE:JPM) has managed to correct its balance sheet following the devastation of the deep recession in 2008 and 2009, the bank has lost big money and talents in the recent past. For example, the company has suffered nearly $20 billion in regulatory settlement because of its dealings in questionable mortgage-backed securities.
As if that is not enough, JPMorgan Chase & Co. (NYSE:JPM) has lost more than 10 senior executives in the last two years alone. Those included Michael J. Cavanagh who left to join private equity firm Carlyle Group. He was once considered an inheritor to CEO Dimon.