David Cote and Ellen Futter have retired from JP Morgan’s board of directors after 16 and five years of service respectively.

The firm said it intends to appoint new directors to the board later this year.

Futter has served on several board committees and helped steer JP Morgan through “a number of mergers as well as the recent financial crisis,” the firm said. Cote is chairman and chief executive of Honeywell.

“We are always in search of great directors, and the board expects to appoint additional directors as the year goes on,” said Lee Raymond, presiding director of the JP Morgan board.