JPMorgan Chase & Co.’s board heeded an outcry from shareholders about Chairman and Chief Executive Jamie Dimon’s compensation, that in the past has included more than $50 million in “special awards,” leaving the billionaire executive with only his multimillion-dollar base salary.
In a Securities and Exchange Commission filing late Thursday, JP Morgan’s JPM, -1.33% board said there was no “special award” granted to Dimon in 2022, adding that the board has “committed to not grant any special awards to him in the future.” Dimon was paid the same salary he was paid the previous year: $34.5 million.
In May, shareholders voted to reject an options bonus for Dimon, after the CEO took home $84.4 million in 2021, with $52.6 million of that options awards as an incentive for Dimon to stay “for a further significant number of years.” Dimon has been CEO of JPMorgan since 2005.
Dimon’s base salary is $1.5 million, with an annual variable incentive compensation of $33 million, with $28 million of that in the form of at-risk Performance Share Units. Recently, Forbes estimated Dimon’s net worth at $1.6 billion.
JPMorgan shares have declined 9.5% over the past 12 months, compared with a 5.7% decline by the Dow Jones Industrial Average DJIA, -0.76% — of which JPMorgan is a component — a 14% drop in the S&P 500 index SPX, -0.76%, and a 24.3% fall by the Nasdaq Composite Index COMP, -0.96%.