Preston Passes the Baton

Nicholas P. Sargen ()
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Nicholas P. Sargen: Nicholas Sargen Advisory LLC

Chapter 12 in JPMorgan’s Fall and Revival, 2020, pp 119-126 from Springer

Abstract: Abstract Soon after Preston addressed Morgan’s board in September 1989 about provisioning for $2 billion of its Less Developed Country loans, he announced he would step down as chairman and CEO. While the timing was a surprise, Preston’s choice of Dennis Weatherstone as his successor was a foregone conclusion, as they collaborated closely since the mid-1960s. Nor did it matter to Preston that Weatherstone’s pedigree was vastly different from previous Morgan leaders, and he paved the way for Weatherstone to advance by moving prominent people aside. Among the most important decisions Preston and Weatherstone made was the selection of Sandy Warner to become Morgan’s president and its eventual chairman and CEO.

Date: 2020
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DOI: 10.1007/978-3-030-47058-6_12

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