This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

JPMorgan Directors David Cote, Ellen Futter Retire

Stocks in this article: JPM

NEW YORK ( TheStreet) -- JPMorgan Chase (JPM) on Friday announced the retirement of two of its directors, Honeywell Chairman and CEO David Cote and American Museum of Natural History President Ellen Futter.

Futter is retiring after 16 years of service. Cote is stepping down after five years.

Both directors received tepid support from shareholders at the annual shareholder meeting in May this year, in a vote to re-elect members to the board.

Shareholder activists including influential proxy advisory firms Institutional Shareholder Services and Glass Lewis, had urged the bank to replace three members of the bank's risk policy committee -- Cote and Futter, as well as James Crown, president of private investment company Henry Crown and Company -- arguing that they did not have sufficient risk-management experience.

The bank's risk management practices have drawn scrutiny after it reported a multi-billion dollar trading loss last year from a failed hedging strategy at its London office.

Shareholders voted to re-elect all members of the board, but Cote, Futter and Crown won shareholder approval only by a narrow margin.

Futter garnered only 53% of the shareholder vote, while Cote received 59% and Crown mustered 57.4%.

During the shareholder meeting, the board's presiding director Lee Raymond defended the role of the risk committee in the trading debacle, but told shareholders later to "stay tuned" on changes to the risk committee.

"Our Board wants to add its thanks to Ellen and Dave for their significant contributions to our company over the years and to our Board governance," Raymond said in a statement Friday. "We are always in search of great directors, and the Board expects to appoint additional directors as the year goes on."

-- Written by Shanthi Bharatwaj New York.

>Contact by Email.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs