Investors seek to split JPMorgan CEO, chairman

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Associated Press

Posted on February 21, 2013 at 5:00 AM

Updated Thursday, Feb 21 at 5:02 AM

NEW YORK (AP) — A coalition of investors is asking JPMorgan Chase to split the chairman and CEO roles held by James Dimon since 2006, saying the country's largest bank needs more independent governance and oversight.

The group includes the AFSCME Employees Pension Plan, the Connecticut Retirement Plans and Trust Funds, Hermes Equity Ownership Services and the NYC Pension Funds.

While a number of large U.S. companies combine the jobs of chairman and CEO, shareholders have pushed in recent years to separate them. Supporters argue that an independent chairman can provide a check on the CEO's power.

The shareowners' proposal has been filed in the wake of the company disclosing a $2 billion trading loss last May on Dimon's watch.

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