Jamie Dimon, whose eight years atop JPMorgan have made him one of Wall Street’s most powerful leaders, said he’ll start treatment for throat cancer, raising new questions about succession plans at the bank.
Bloomberg News reports that Dimon, the company’s chairman and chief executive officer, told employees and shareholders in a memo his condition is curable and that he’ll continue running the firm “as normal” during eight weeks of radiation and chemotherapy.
The treatment will start soon at Memorial Sloan Kettering Cancer Center in New York, limiting his travel, the CEO said.
Dimon, 58, has led JPMorgan since the end of 2005, navigating the 2008 financial crisis without a loss and doubling annual profit as the lender’s shares climbed 45%. Six months ago, the board credited his ability to resolve government probes of the bank. The illness will revive questions about how the panel would theoretically handle his succession, said Ralph Cole, a portfolio manager at Ferguson Wellman Capital Management in Portland, Oregon.
'Transition has always been a question and now that will be at the top of investors’ minds', Cole said. 'They have to be very vocal about who’s going to be stepping up during the eight-week period. They’ve got to be clear with everybody about who that is'.
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