JPMorgan says Lee Raymond to leave board

Business

JPMorgan Chase & Co said on Friday that Lee Raymond had notified the bank of his intention to step down as a member of the its board at the end of the year.

The bank in September had appointed Stephen Burke to take over Raymond’s role as the lead independent director effective Jan. 1.

Raymond, the former chief executive officer at Exxon Mobil Corp, was the target of a vote-out campaign by environmental groups as he become the focus of criticism of JPMorgan’s climate record.

Following the campaign, JPMorgan said it was planning to name a new lead independent director “by end of summer 2020”. However, Raymond was re-elected to the Board by shareholders at the bank’s annual meeting on May 19 this year.

Raymond’s resignation from the board was not the result of any disagreement with the company, the bank said in a filing here on Friday.