JPMorgan names co-presidents, setting up new horse – Business News
JPMorgan Chase on Thursday appointed a pair of senior executives to newly created co-president roles — setting up what seems to be a new horse race to succeed chief govt Jamie Dimon.
At the identical time, the Wall Street giant introduced the retirement of Marianne Lake, who beforehand had been considered as a main candidate to succeed the bank’s legendary CEO.
Doug Petno and Troy Rohrbaugh, who’ve collectively run the bank’s Commercial & Investment Bank since early 2024, had been named co-presidents of JPMorgan efficient instantly, in accordance with a regulatory submitting.
Jennifer Piepszak, JPM’s chief working officer, is no longer thought of a attainable substitute for Dimon, people inside the bank say. Also out of the operating is Mary Erdoes, the top of JPM asset management and wealth management business, sources stated.
Troy Rohrbaugh, left, and Doug Petno, proper, are seen as potential successors to Dimon. PMorganChase
“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 stated in a assertion.
Dimon, 70, has usually reiterated that the bank’s board is concentrated on succession planning and that the lender has a cadre of “extremely” certified executives ready to run it will definitely.
Petno, 61, will now function sole CEO of the Commercial & Investment Bank.
Rohrbaugh, 56, will take over as CEO of Consumer & Community Banking, succeeding Lake.
The two males every raked in an eye-popping $27.5 million in whole compensation final yr, in accordance with the bank’s newest annual proxy assertion. CEO Dimon picked up $43 million in a package deal that mixes money and stock.
JPMorgan Chase on Thursday appointed a pair of senior executives to newly created co-president roles — setting up what seems to be a new horse race to succeed chief govt Jamie Dimon. REUTERS
Johns Hopkins alum Rohrbaugh has labored more than 32 years in financial markets. He joined JPMorgan in 2005 as world head of Foreign Exchange Derivatives after roles at Goldman Sachs and Banque Nationale de Paris and beforehand was co-head of Markets & Securities Services and head of Macro Markets.
Petno, an MBA graduate from the University of Rochester, is a veteran of more than 35 years on the firm. He most lately was co-head of Global Banking and served as CEO of Commercial Banking from 2012 to 2024. He earlier led the Global Natural Resources Investment Banking Group.
The strikes are half of the board’s ongoing succession planning to keep up robust management on the high of the nation’s largest bank, the company stated within the submitting.
Lake, who beforehand served as JPMorgan’s chief financial officer and has held different senior roles throughout the firm, is stepping down after a long profession.
Marianne Lake is retiring from JPMorgan Chase after a 25-year profession on the bank. Bloomberg through Getty Images
No particular departure date past the management transition was disclosed.
Dimon is anticipated to start transitioning out of his function as CEO as early as this yr, although he has at all times been imprecise in regards to the timing and has left open the chance he’ll stay chairman indefinitely.
Since taking on as CEO in 2006, Dimon has emerged as essentially the most important banker within the nation. JPM is a sprawling “systemically important” establishment that does every part from client lending to mergers and acquisitions to trading complicated derivatives which might be the plumbing of the worldwide financial system.
Dimon has efficiently led the massive bank by financial crises, small and huge, such because the 2008 implosion, and jostled with presidents from Barack Obama to Donald Trump over coverage. JPM has been largely scandal-free during his tenure and extremely profitable.
