Lee Raymond to Leave JPMorgan’s Board
- Date: 19-Dec-2020
- Source: The Wall Street Journal
- Sector:Economy
- Country:Middle East
Lee Raymond to Leave JPMorgan’s Board
JPMorgan Chase & Co. on Friday said Lee Raymond, its longtime lead independent director and the recent target of a vote-out campaign over climate-change concerns, is leaving the board at the end of the year.
The former Exxon Mobil Corp. chief has spent more than 30 years on the board of the bank and its predecessor, J.P. Morgan & Co., and has been lead independent director since 2001.
Environmental groups and several large institutional investors earlier this year called for the ouster of Mr. Raymond from the JPMorgan board, saying his energy background conflicts with his duties when its comes to climate-change risk. Mr. Raymond engineered the $82 billion merger of Exxon Corp. and Mobil Corp. in 1999 and helped build the combined company into America's biggest oil producer before leaving at the end of 2005.
They also raised concerns that JPMorgan has for years waived the board's retirement age of 72 for the 82-year-old Mr. Raymond, the bank's longest-serving
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