By Eileen Ambrose, The Baltimore Sun
3:25 PM EDT, May 16, 2013
Brian Rogers, manager of the T. Rowe Price Equity Income Fund in Baltimore, won't be voting the fund's shares in support of splitting the role of CEO and chairman at JPMorgan Chase & Co.
Jamie Dimon has been CEO at JP Morgan since 2005 and became chairman a year later.
"I fully support the combined Chairman and CEO role at JPMorgan under the superb leadership of Jamie Dimon," Rogers said in a statement. "He and his management team have created superior shareholder value after the company weathered the financial crisis so capably."
Rogers's fund controls about 23 million JPMorgan shares, or about 0.6 percent of the banking company. Overall Price owned through its funds and other accounts 81.3 million shares, or 2.15 percent, of the bank at the end of March. Other Price managers have not disclosed how they are voting, said spokesman Brian Lewbart.
JPMorgan shareholders are voting on a non-binding proposal to separate the top executive positions, with an independent director to be named chairman. This proposal follows more than $6 billion in trading losses last year at the bank, raising questions about executive oversight. Dimon told the Wall Street Journal recently that he would leave the bank if his positions were split.
The final vote will be announced Tuesday.
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