JPMorgan Chase on Thursday appointed a pair of senior executives to newly created co-president roles — setting up what appears to be a new horse race to succeed chief executive Jamie Dimon.
At the same time, the Wall Street giant announced the retirement of Marianne Lake, who previously had been viewed as a leading candidate to succeed the bank’s legendary CEO.
Doug Petno and Troy Rohrbaugh, who have jointly run the bank’s Commercial & Investment Bank since early 2024, were named co-presidents of JPMorgan effective immediately, according to a regulatory filing.
Jennifer Piepszak, JPM’s chief operating officer, is no longer considered a possible replacement for Dimon, people inside the bank say. Also out of the running is Mary Erdoes, the head of JPM asset management and wealth management business, On The Money has learned.
“The promotions of Petno and Rohrbaugh to co-presidents and sole CEOs of the company’s two largest businesses are part of the board’s ongoing succession planning process,” JPMorgan said in a statement.
Dimon has often reiterated that the bank’s board is focused on succession planning and that the lender has a cadre of “extremely” qualified executives prepared to run it eventually.
Petno will now serve as sole CEO of the Commercial & Investment Bank.
Rohrbaugh will take over as CEO of Consumer & Community Banking, succeeding Lake.
The two men raked in an eye-popping $27.5 million in total compensation last year, according to the bank’s latest annual proxy statement. CEO Dimon picked up $43 million in a package that mixes cash and stock.
The moves are part of the board’s ongoing succession planning to maintain strong leadership at the top of the nation’s largest bank, the company said in the filing.
Lake, who previously served as JPMorgan’s chief financial officer and has held other senior roles across the firm, is stepping down after a long career.
No specific departure date beyond the leadership transition was disclosed.
Dimon is expected to begin transitioning out of his role as CEO as early as this year, though he has always been vague about the timing and has left open the possibility he will remain chairman indefinitely.
Since taking over as CEO in 2006, Dimon has emerged as the most important banker in the country. JPM is a sprawling “systemically important” institution that does everything from consumer lending to mergers and acquisitions to trading complex derivatives that are the plumbing of the global financial system.
Dimon has successfully led the big bank through financial crises, small and large, such as the 2008 implosion, and jostled with presidents from Barack Obama to Donald Trump over policy. JPM has been largely scandal-free during his tenure and highly profitable.
