Dimon in the Rough

Wall Street hailed the move by Bank One Corp.'s chairman and chief executive, Jamie Dimon, to secure the "voluntary" retirement of his predecessor Verne Istock and downsize the bank holding company's board to 13 members from 19 members. However, the rapid-fire removal of Istock, the downsizing of the board, and Dimon's filling key management slots with his investment banking colleagues from Citigroup, should give one pause for concern. It would seem that Dimon has free reign to do whatever he pleases. Indeed, Dimon faces so many potential interpersonal minefields that Bank One's board is remiss if it is not diligently monitoring his leadership and his interaction with the bank's senior managers. Istock's departure could be an ominous portent. Attending to interpersonal issues when a new, outside CEO is chosen is as important as managing strategic final plans and actions.