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Ellen Futter and David Cote, two of the three JPMorgan Chase board members who became lightning rods for governance criticism this spring, have left the bank.
July 19 -
Now that shareholders have agreed to let Jamie Dimon keep both his jobs at JPMorgan Chase, the chairman and chief executive must resolve several pressing issues. Among them: succession, board composition and mounting regulatory scrutiny.
May 21
JPMorgan Chase (JPM) plans to elect two board members to replace the
Linda Bammann and Michael Neal will join the board in mid-September and January 2014, respectively, according to a press release Monday.
Bammann brings with her a strong background in senior risk management, having served as deputy head of risk management at JPMorgan Chase and as chief risk management officer at predecessor Bank One. Bammann also served on the board of Freddie Mae after its federal takeover in late 2008, working as chair of the business and risk committee.
Neal has held numerous senior positions at GE Capital over the course of 26 years at the financial services company. He stepped down from his position as chairman and chief executive of GE Capital in June and remains vice chairman of General Electric Company. Neal plans to retire from GE at the end of 2013 and join JPMorgan Chase's board shortly thereafter.
"[Bammann] and [Neal] are proven leaders and will bring outstanding risk, finance and management experience to our board and to our firm," JPMorgan Chase chairman and chief executive Jamie Dimon said in the release.
Bammann and Neal will succeed two board members whose qualifications in finance and risk oversight came under fire earlier this year. Ellen Futter and David Cote
The $2 trillion-asset company also announced that its board has added a new corporate governance role. The position of lead independent director combines the duties previously held by the presiding director with additional authoritative responsibilities. Lee Raymond, the board's former presiding director, has assumed the new role.
