2014 Brings Good News For JPMorgan Chase & Co. (NYSE:JPM)’s Dimon
JPMorgan Chase & Co (NYSE:JPM) CEO was given a 74% raise in his take from the company for his work in 2013. Needless to say CEO Jamie Dimon will be pulling in a lot more than he was within the span of a few months. The decision which was pending for more than one year now from the board of directors was finally made.
Dimon, who is aged 57 years, can collect the two million stock options that were originally granted to him back in 2008 taking his worth to around $34 million. The pay for Dimon was increased from $11.5 million annually to $20 million the last week.
Since his package was created almost 6 years ago, the company JPMorgan has grown to become the largest bank in the US and its shares outperformed the industry. After Dimon’s incentive package was created six years ago, JPMorgan grew to become the nation’s largest bank with shares outperforming the industry, and then snapped a three-year run of profits as costs from various government probes rose in number.
The decision from the board also means that Dimon is also headed towards receiving the full options reward from the company as was said by Alan Johnson, founder of the compensation-consulting firm Johnson Associates Inc.
In a statement he said, “It’s obvious the board wanted to send a signal about what they think of him,” “It’d be very inconsistent to say, ‘you’re our guy, and we want to send an emphatic public message that we think very highly of you.’ And then, ‘Oh by the way, you didn’t earn this over the last five years.”
Needless to say, Dimon has been an instrumental figure in the rise and the consistency of the company and he deserves almost award that comes his way.