JPMorgan Chase shakes up board with new directors
Enhances its focus on corporate governance
The board of directors at JPMorgan Chase (JPM) plans to elect Linda Bammann and Michael Neal to serve as members, according to an announcement Monday.
Bammann will join the board on Sept.16, while Neal will be elected in January 2014, once he retires from his current position.
Bammann holds extensive experience in senior risk management roles. Before her retirement in 2005, Bammann served as chief risk management officer at Bank One Corporation from 2001 until its acquisition by JPMorgan Chase. She also served as a director of The Federal Home Loan Mortgage Corporation from late 2008 until July 2013 and was a board member of the Risk Management Association and Chair of the Loan Syndications and Trading Association.
Currently, Neal serves as a vice chairman of General Electric Company, where he has been since 1979. Prior to his time at GE, Neal served as Chairman and CEO of GE Capital until June of this year. He plans to retire from GE at the end of 2013, when he will join JPMorgan’s Board.
In his 26-year tenure at GE, Neal has held a number of senior operating positions, including president and chief operating officer of GE Capital and CEO of GE Commercial Finance prior to being appointed Chairman and CEO of GE Capital in 2007.
"We are extremely fortunate that Linda Bammann and Mike Neal will be joining JPMorgan Chase's Board of Directors," said Lee Raymond, the board's Lead Independent Director.
"Linda and Mike are proven leaders and will bring outstanding risk, finance and management experience to our board and to our firm," added Jamie Dimon, chairman and CEO of the company. Bammann will also join the board's Risk Policy Committee.
JPMorgan is known for its outstanding corporate governance practices and announced additional enhancements to its corporate governance principles on Monday, including the establishment of a lead independent director role.
The responsibilities of the lead independent director continue to include those formerly carried by the board’s presiding director. Additionally, responsibilities will include changes to further strengthen and improve governance practices. Continuing as lead independent director is former Presiding Director Lee Raymond.