Board directors at JP Morgan Chase & Co have nominated Timothy Flynn for election as a director at the firm's annual shareholders' meeting on 15 May. Directors William Gray and David Novak will not seek re-election when their terms expire on 14 May, the firm said.

Previously, Flynn was chairman of KPMG International from 2007 until October 2011. Between 2005 and 2010 he was also chairman of KPMG, the individual member firm of KPMG International, and was chief executive from 2005 to 2008.

Gray is chairman of Gray Global Strategies, while Novak previously served as a director of Bank One Corporation from 2001 to 2004.

The firm said the board will determine Flynn's board committees after his election.

New York-listed JPMorgan Chase & Co has $2.3 trillion in assets and operations across over 60 countries.