Bank One's President Finally Steps Aside
Expected move cements CEO Dimon's control but shouldn't affect shares.
Bank One (ONE) President Verne Istock said Tuesday he plans to retire on September 30, marking a complete transition of power to Chief Executive Officer Jamie Dimon. The move, however, should not shock shareholders or Bank One's stock price because Istock and Dimon were once rivals for the company's top job.
Istock, 59, worked for Bank One and its predecessor companies, including National Bank of Detroit, for 37 years. He served as acting CEO in late 1999 and early 2000 after former CEO John McCoy left the company, but Dimon won the permanent chairman and CEO position in March, reportedly over Istock's objections.
Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.