NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N), the third-largest U.S. bank by assets, said on Tuesday that Robert Lipp will resign as a director and officer, effective Sept. 30, so that he may join private equity firm Brysam Global Partners as a senior executive.
Lipp will continue to work with the bank in an advisory capacity, focusing on international consumer opportunities and developing leadership talent, JPMorgan said in a U.S. Securities and Exchange Commission filing.
Lipp joined JPMorgan’s board in 2003 and became senior advisor in September 2005. He had been chairman and chief executive of Travelers Property Casualty Corp from December 2001 to April 2004, and then was executive chairman of its successor St Paul Travelers Cos from April 2004 to September 2005. (Reporting by Jonathan Stempel, editing by Gerald E. McCormick)
Brysam Global Partners, a private equity firm that specializes in consumer financial services in emerging markets, announced today that Robert I. Lipp has joined the firm as a Senior Partner. Mr. Lipp is retiring from the Board of Directors of JPMorgan Chase & Co. (NYSE: JPM) but will continue as a senior advisor.
Mr. Lipp began his banking career at Chemical Bank where he rose to the position of President, leaving in 1986 to join Commercial Credit, which ultimately became Citigroup. He held various senior executive positions at Citigroup and its predecessor companies, including Vice Chairman of Citigroup and Chairman and CEO of its Global Consumer Business. Following his departure from Citigroup, Mr. Lipp served as Chairman and CEO of Travelers Property Casualty Corp. Mr. Lipp currently serves as a Director of The Travelers Companies, Accenture Ltd, The New York City Ballet and Mass MOCA. He received his undergraduate degree at Williams College, his M.B.A. at Harvard and his J.D. at New York University.
As a Senior Partner at Brysam, Mr. Lipp will report to Managing Partner Marge Magner, and work closely with her and Senior Partner Mike Dunn to expand its consumer financial services investments in the emerging markets. Since the firm’s inception in 2007, Brysam has made investments in financial institutions in Mexico, Russia and India.
“We are delighted that Bob Lipp has chosen to join us at Brysam,” said Marge Magner, Co-Founder and Managing Partner of Brysam. “Bob is deeply respected throughout the industry and has longstanding experience at some of the world’s leading financial services firms. Bob’s contributions will be invaluable as we continue to invest in opportunities where we can fulfill a need for experienced operating management.”
“I am excited to be joining Brysam and look forward to working closely with Marge, Mike and the entire Brysam team in developing opportunities for value creation in the emerging markets,” said Mr. Lipp.
About Brysam Global Partners
Brysam Global Partners is a specialized private equity firm that invests in financial services with a focus on consumer opportunities in emerging markets where it can leverage its management and operational expertise. Established in 2007 by Marge Magner and Bob Willumstad, Brysam Global Partners was created to fill a need in the investment arena for experienced operating management in financial services. Brysam adds value by creating business models that develop and increase profitability and value. In addition to making control investments from its own capital and investor funds, Brysam co-invests with financial institutions and private equity firms. For more information please visit our website at www.brysam.com.