JPMorgan nominates former KPMG chairman to board
NEW YORK (AP) — JPMorgan Chase and Co. nominated the former Chairman of accounting firm KPMG International to its board, noting his experience with financial services and risk management.
The bank also said two other directors, William Gray and David Novak, are stepping down.
Timothy Flynn, 55, retired as chairman of KPMG in October. He had also previously been Chairman and CEO of KPMG LLC, the firm's U.S. division.
He will be up for election at JPMorgan's annual shareholders meeting on May 15.
Gray and Novak will not seek re-election when their terms expire in May. Gray, 70, is a former Congressman and is chairman of consultancy Gray Global Strategies Inc. He has served as a director since 2001.
Novak, 59, is chairman and CEO of restaurant company Yum Brands Inc. He has served as a board member since 2004 and is stepping down in order to focus on growth at Yum, which owns KFC, Pizza Hut and Taco Bell.
JPMorgan's stock climbed 18 cents to $46.35 in midday trading.
