Lee Raymond, the previous chief government of oil firm ExxonMobil, has resigned from the board of JPMorgan Chase following sustained strain on the financial institution from local weather activists and traders.
Mr Raymond, 82, was the financial institution’s longest tenured director with 33 years of service, beginning on the board of JPMorgan & Co in 1987 and guiding that financial institution by means of its merger with Chase Manhattan Financial institution in 2000.
He additionally served because the financial institution’s lead impartial director for 19 years, up till Could of this 12 months.
Activist teams, together with Majority Motion and Cease the Cash Pipeline Coalition, in addition to Scott Stringer, New York Metropolis’s comptroller, had referred to as for Mr Raymond to not simply relinquish that publish but in addition to stop the board due to his shut hyperlinks to the fossil gasoline business.
A JPMorgan consultant stated that Mr Raymond’s retirement had “zero” to do with local weather points or investor activism. In a memo to employees, chief government Jamie Dimon praised him as “a person of extraordinary character, knowledge and judgment” and “an instrumental pressure in serving to make JPMorgan Chase the excellent firm it’s right now”.
The resignation, which is efficient on the finish of the 12 months, “just isn’t the results of any disagreement with the corporate”, the financial institution stated in a regulatory submitting.
Richard Brooks, senior marketing campaign specialist at 350.org, a local weather foyer group, stated the information “is an indication of the altering winds of economic establishments taking local weather motion significantly” and that “whereas JPMorgan Chase stays the world’s largest fossil gasoline financier, with Raymond now not holding them again, Chase should overhaul its coal, oil and fuel funding”.