JPMorgan hands Jamie Dimon a stock award potentially worth millions if he stays CEO for at least 5 more years
JPMorganpresented Jamie Dimonwith a "special award" in a bid to keep him as CEO.
- The banking boss was handed 1.5 million stock appreciation rights on Tuesday, a filing showed.
- He would have to stay on for five years as the options are exercisable only from July 2026.
JPMorgan granted Jamie Dimon a compensatory award on Tuesday, in a move to incentivize one of
View all Offers
OnePlus Nord 2 5G (Blue Haze, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
OnePlus Nord 2 5G (Gray Sierra, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
- 18% OFF
Redmi 9 (Carbon Black, 4GB RAM, 64GB Storage) | Extra INR 200 Amazon Pay Cashback | 2.3GHz Mediatek Helio G35 Octa core Processor₹ 8999₹ 10999Buy On
- 19% OFF
Redmi Note 10 (Aqua Green, 4GB RAM, 64GB Storage) -Amoled Dot Display | 48MP Sony Sensor IMX582 | Snapdragon 678 Processor₹ 12999₹ 15999Buy On
- 20% OFF
Redmi 9A (Nature Green, 2GB RAM, 32GB Storage) | 2GHz Octa-core Helio G25 Processor | 5000 mAh Battery₹ 6799₹ 8499Buy On
Dimon's long-term stewardship, management-succession planning, and the bank's strong performance since 2005 were some of the factors considered in granting the award, they added.The stock options, which have a 10-year vesting period, would be exercisable from July 20, 2026, meaning he'd have to stay on until then to cash in the award. He would need to hold the resulting shares until July 2031, or the end of the 10-year term, according to the filing.
An internal bank model predicts these would generate a profit of about $49 million for the billionaire boss after the vesting schedule, the Financial Times reported, citing sources.JPMorgan's "special award" is not part of the CEO's regular annual compensation, which stood at $31.5 million for a second time in 2020. Dimon received a $1.5 million salary, a cash bonus of $5 million, and $25 million of restricted stock tied to performance last year, a filing showed. His estimated net worth is about $1.8 billion, according to Forbes. Earlier this year, Dimon said he planned to stay at the bank for a "significant" amount of time, and that he didn't plan to retire for another two to three years. However, during at least two occasions, he's indicated an intention to step down as CEO in five years.
JPMorgan's stock is up 18% so far this year, and is 50% higher in the last 12 months.
- Axis Bank, Tata Motors, L&T and other top stocks to watch out for on July 27
- Canon’s new patent hints at a telephoto lens attachment for smartphones under development
- Kerala-based ESAF Small Finance Bank looks to raise ₹998 crore through IPO
- Meet BeachBot, a beach rover that uses AI to remove cigarette butts from beaches
- Amazon Prime Day 2021: Best deals and offers on health and household products