(Revises throughout, adds Dimon's vacation plans)
By David Henry and Peter Rudegeair
NEW YORK, July 2 Jamie Dimon, chairman and chief
executive of JPMorgan Chase & Co, plans to be out of the
office for at least half of his planned two-month course of
radiation treatment and chemotherapy for throat cancer, a
spokesman said on Wednesday.
Dimon's four weeks of vacation could begin shortly after
JPMorgan reports quarterly results on July 15, depending in part
on how doctors set the details of his course of treatment, said
spokesman Joseph Evangelisti. Dimon usually takes off about
three weeks in August, traditionally one of the slower times of
the year for business.
Dimon first told employees and shareholders about his cancer
late Tuesday in a memo sent shortly after a conclusive visit to
his doctor. He had been through several days of tests.
Dimon said in the memo that the treatment will stop him from
traveling, but that he had been advised that he would "be able
to continue to be actively involved" in the business.
"We will continue to run the company as normal," Dimon said.
JPMorgan shares closed down 1 percent on the New York Stock
Exchange at $56.97. The decline was the steepest of the 24
stocks in the KBW index of bank stocks, which lost 0.1
Rafferty Capital Markets bank analyst Dick Bove said in a
report Wednesday Dimon was unlikely to retain his chairman title
when he returns from treatment, and would likely spread more of
his daily duties among other executives at the bank.
"JPMorgan Chase simply cannot present itself to the world as
if it were a one-man show," Bove wrote.
Dimon has said in the past the bank has many senior
executives who could step into his role if he were hit suddenly
by a bus.
Senior executives on the bank's operating committee include
potential successors to Dimon, such as Daniel Pinto, the head of
the corporate and investment bank; Matt Zames, chief operating
officer; Gordon Smith, consumer banking head, and Mary Erdoes,
asset management chief.
The company has not named anyone to act in Dimon's place
during his treatment.
JPMorgan lead director Lee Raymond said at the bank's
shareholder meeting in May last year that the board intended to
have a viable successor to Dimon but he hoped Dimon would stay
at JPMorgan far into the future.
On days when Dimon will undergo treatments he expects to be
able to go to his office, which is close to his home as well as
his hospital, Memorial Sloan Kettering. Executives are used to
dealing with him by phone, email and video conference because he
usually travels frequently.
In Tuesday's memo, Dimon quoted his doctors as having said
his prognosis is excellent because the cancer was caught early.
It is confined to the original site and to adjacent lymph nodes
on the right side of his neck, he said.
According to the National Cancer Institute, the survival
rate for mouth and throat cancers diagnosed at any stage is 63
percent after five years.
(Reporting by David Henry and Peter Rudegeair in New York;
Editing by Bernadette Baum, Bernard Orr)