JPMorgan Chase (JPM) CEO Jamie Dimon plans to sell 1 million shares of company stock currently valued at roughly $141 million, his first such sale since taking over as boss in 2005. The CEO and his family intend to do so starting in 2024, according to a regulatory filing from JPMorgan Friday that described the sale as being “for financial diversification and tax-planning purposes.” A JPMorgan spokesman said Friday that the disclosure does not relate to any near-term succession planning. Dimon, 67 years old, is currently the longest-serving CEO of a major national bank. JPMorgan is the largest lender by assets in the US.
“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” JPMorgan said in the filing. The planned stock sale announced by the bank Friday represents roughly 12% of the holdings belonging to the CEO and his family, excluding uninvested shares and stock appreciation rights. “I can’t do this forever, I know that,” Dimon told analysts on May 22. “But my intensity is the same. I think when I don't have that kind of intensity, I should leave.” The company released a statement in June saying Dimon had “no plans to run for office” and that “he is very happy in his current role.”
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