J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM +0.32% said Tuesday that it has elected Virginia "Ginni" Rometty to its board of directors, effective immediately. Rometty is currently the executive chairman of fellow Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.36% components International Business Machines Corp. /zigman2/quotes/203856914/composite IBM +0.98% , and was previously also chief executive of IBM. At the same, J.P. Morgan said James Bell, who has been a director since 2011, and Laban Jackson, who has been on the board since 2010, have retired from the board. Bell was also chair of the bank's audit committee. Current board member Timothy Flynn was named chair of the audit committee. With Rometty's election,J.P. Morgan's board currently consists of three women and seven men. J.P. Morgan's stock slipped 0.1% in midday trading and IBM shares eased 0.3%, while the Dow lost 86 points, or 0.4%.