Financial giant JPMorgan Chase & Co. (NYSE:JPM) is making a few important changes to their board of directors. Now that two long-term directors are walking away from their jobs and the company has made the nomination to bring Timothy Flynn, a former KPMG International chairman on the board.
William Gray III and David Novak are stepping down from the board. Gray was a congressman before he joined Chase Manhattan twenty years ago before they merged with J.P. Morgan, he is currently co-chairman of GrayLoeffler, LLC. Novak worked with Bank One as a board holdover before they joined Chase nearly a decade ago. He is currently on the board of directors of Yum! Brands, a global fast-food company that owns Taco Bell, KFC, and Pizza Hut. William Weldon from Johnson & Johnson will fill in his seat.
Timothy Flynn retired from his chairman position at KPMG, a large tax firm, back in 2011. Prior to that, he was the CEO of the United States division of the company.
Jamie Dimon, a key member of J.P. Morgan Chase had this to say about the major changes, ” JPMorgan Chase is honored that Tim Flynn has agreed to be nominated as a director of the firm. At the same time, we will miss Bill Gray and David Novak, whose commitment to the firm and wise counsel over the years are deeply appreciated.”
In the business and financial world, long-term experience seems to trump everything else. The longer you work for a company, the more experience you gain, the better your chances are at successfully landing a job in similar career environments. J.P. Morgan Chase is smart for inviting Flynn to run for a key position. His previous position with KPMG should help him lead the company while keeping them on the right track for a very successful future.