World News – CA – JPMorgan Chase Board Member Lee Raymond is leaving the company

JPMorgan Chase & Co. . On Friday, Lee Raymond, its longtime senior independent director and the most recent target of a polling campaign on climate change concerns, said he would leave the board by the end of the year.

The former Exxon Mobil Corp. . Chef has served on the board of directors of the bank and its predecessor, J. spent. P. . Morgan & Co. . and has been a senior independent director since 2001.

Environmental groups and several large institutional investors called for the overthrow of Mr.. . Raymond, of JPMorgan’s board of directors, said his energetic background was contrary to his duty to address the risk of climate change. Mr. Raymond completed the $ 82 billion merger of Exxon Corp.. . and Mobil Corp. . 1999 and helped make the combined company the America’s largest oil producer before leaving in late 2005.

They also raised concerns that JPMorgan had waived the board’s retirement age of 72 for years for the 82-year-old gentleman. Raymond, the bank’s longest-serving director and trusted advisor to Chairman and CEO James Dimon.

In a memo to the bank employees, Mr.. Dimon said Mr.. . Raymond was « instrumental in making JPMorgan Chase the great company it is today, » adding that he helped the bank navigate some of its toughest times.

JPMorgan Chase, Lee R. . Raymond, Board of Directors, ExxonMobil, NYSE: JPM, Finance