JPMorgan Chase & Co. said Friday that Chief Executive Jamie Dimon and his family plan to sell about $140 million in company stock, or one million shares, in his first such stock sale during his tenure at the bank.
Dimon is selling the JPMorgan Chase
JPM,
stock starting next year, subject to the terms of a stock trading plan, “for financial diversification and tax planning purposes,” according to a filing.
“Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant,” the filing said.
He and his family currently hold about 8.6 million shares. He also holds unvested performance share units relating to 561,793 shares and stock appreciation rights on 1.5 million shares, subject to the terms and conditions of each grant.
Dimon will sell common stock as well as New York Stock Exchange
depositary shares in several series of non-cumulative preferred stock.
JPMorgan Chase & Co.’s stock is up 5% in 2023, compared with a 1.1% decline in the Dow Jones Industrial Average
DJIA.
Dimon, 67, is in line to receive a $50 million bonus that was disclosed as part of his 2021 pay package and that requires him to stay on the job until 2026. The bonus is in the form of stock awards that won’t be available for sale until 2031.
Dimon is the longest-serving chief executive among the U.S.’s six largest banks after taking up the role in 2005. He joined the bank as chief operating officer in 2004 when it merged with Bank One.
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