BUSINESS
03/22/2013 04:53 pm ET

JPMorgan Chase Board 'Strongly Endorses' Keeping Jamie Dimon In Dual Role As Chairman And CEO

Jamie Dimon, CEO of JPMorgan Chase, smiles while testifying before the House Financial Services Committee on Capitol Hill in
Jamie Dimon, CEO of JPMorgan Chase, smiles while testifying before the House Financial Services Committee on Capitol Hill in Washington, on Tuesday, June 19, 2012. (AP Photo/Jacquelyn Martin)

(Reuters) - The board of directors of JPMorgan Chase & Co said on Friday it "strongly endorses" keeping Jamie Dimon as both their chairman and as chief executive of the company.

The comment, contained in the opening pages of the company's proxy filing ahead of its annual meeting on May 21, is a more vigorous affirmation of the same view the panel took last year when it opposed an unsuccessful shareholder proposal to split the roles.

The remark comes even after the board said in January that it had cut Dimon's annual compensation in half for 2012 to $11.5 million after the company lost $6.2 billion on derivatives in the so-called "London Whale" trades.

The board said the "strength and independence" of its oversight had been demonstrated by actions the company took after the trading debacle.

The company has since overhauled its risk controls and replaced some of its top executives.

Dimon's total compensation, as presented according to the U.S. Securities and Exchange Commission format, was $18.7 million in 2012, down from $23.1 million in 2011. Company and SEC pay counts can differ with the timing of incentive compensation.

(Reporting by David Henry in New York; Editing by Leslie Gevirtz)

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