Tuesday, May 21, 2013

Crandall Bowles re-elected to JPMorgan board

Despite a shareholder advisory firm's recommendation against it, Charlotte-area businesswoman Crandall Bowles was re-elected Tuesday to the JPMorgan Chase board of directors, according to vote results from news accounts.

Bowles became CEO of Fort Mill's Springs Industries Inc. from 1998 until it became part of a Brazilian textile manufacturer to become Springs Global. She remains chairwoman of the pieces of the company that remain independent, which are still known as Springs Industries.

She was one of six directors that advisory firm Glass, Lewis & Co. recommended be replaced.

There were two reasons. One, Bowles was a member of a board committee tasked with risk management that has come under scrutiny since that $6 billion "London Whale" trading loss last year. The firm also cited a conflict of interest because Springs Industries hired JPMorgan Chase to explore a sale of a Springs subsidiary.

All 11 directors were re-elected at the company's annual meeting Tuesday in Tampa. Shareholders also rejected a proposal that would have made CEO Jamie Dimon give up his chairmanship of the board.