US chief executives are beginning to wean themselves from their perplexing attachment to the role of chairman. But at a few large banks, the addiction persists.
JPMorgan Chase’s directors are recommending rejection, for the second year running, of an investor proposal to split the role of chairman and chief executive, held by Jamie Dimon. Separation, they say, could cause “uncertainty, confusion and inefficiency”.
Well, I’d be happy to risk a little short-term uncertainty, confusion and inefficiency if it minimised the greater threat posed by executives who hold both jobs: overconfidence, over-reach and overload.
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