JPMorgan CEO contender walks away with $50M in unvested stock after losing Jamie Dimon succession race

JPMorgan Chase CEO Jamie Dimon’s decision to pass over Marianne Lake as his successor marked a surprising end to her 26-year career, but she’s walking away with at least $50 million in unvested stock, according to a report.Lake, 56, found out about Dimon’s decision just three days before the bank publicly announced he was elevating two of her rivals, instead, the Financial Times reported.The move ended years of speculation that Lake — widely viewed as one of Wall Street’s most accomplished executives — would eventually replace Dimon, who is considered the most influential bankers in the US.Instead, she decided to retire with tens of millions of dollars’ worth of unvested stock, people familiar with the matter told FT.Behind the scenes, Lake’s relationship with Dimon gradually frayed, according to the report, even as she remained one of the bank’s most prominent executives.JPMorgan disputed that characterization, telling the FT that Dimon and Lake “had an excellent relationship.”The report also found some colleagues questioned whether Lake possessed the emotional intelligence needed to run one of the largest companies in the US.Former colleagues described her as exceptionally bright but said she could come across as heavy-handed, while others said she was coached during her tenure as chief financial officer to slow down when speaking because her thoughts often outran her delivery.Some believed she managed too much through layers of subordinates rather than directly engaging with teams — claims JPMorgan disputed.Others inside the bank strongly rejected that criticism.Employees who worked under Lake while she ran Chase described her as demanding but highly accessible, according to the FT.She regularly visited branches across the country, met with frontline employees and accompanied Dimon on his annual summer bus tours, with one executive describing her as “the opposite of far-removed” because she routinely dug through multiple layers of the ...