Jamie Dimon let his ego get the best of him and it caused a major error in judgement. Often times, ego is the downfall of some of the greatest men in history. Word surfaced today that Jamie Dimon would keep his head directors role along with the CEO title at JPMorgan Chase & Co. (NYSE:JPM). The vote was tight but ultimately he succeeded. Word has it that Jamie Dimon threatened to quit if the head director role was taken away from him.
What Was The Critical Error?
He should have let the company name another director as head. Why? He would enshrined himself as one of the greatest leaders of all time through the financial crisis and beyond. If he let the directors position go, any negatives the company experienced in the future would be blamed partially on him not being in that leadership role. If the company continues to have success, it would still be looked at as his company as the CEO.
Ultimately, he would have insulated himself slightly by allowing another person to take his place as director. By staying in the position, everything that happens will be under an even closer microscope with his head on the chopping block. This was a simple ego move my Jamie Dimon with no real thought. It will be an error in judgement he will likely regret in the years to come.