JPMorgan names co-presidents, setting up new horse race to succeed CEO Jamie Dimon

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. 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. 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. Lake — a 25-year veteran at the bank — was tapped a year ago to run JPMorgan’s strategic growth office as well as its overseas consumer business. Jennifer Piepszak, JPM’s chief operating officer, had previously been seen as a possible successor to Dimon alongside 56-year-old Lake, but withdrew her name from the running early last year, sources said. Also out of the running is Mary Erdoes, the head of JPM asset management and wealth management business, according to insiders. “The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders,” Dimon said in a statement. “We are fortunate to have in place an exceptional group of senior leaders, not only at our Operating Committee level but across our organization, and I’ve never been more excited about the future of JPMorganChase.” Dimon, 70, added: “The decision to elevate Doug and Troy to Co-Presidents and heads of the company’s two largest businesses reflects the Board’s confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing.” Petno, 61, will now serve as sole CEO of the Commercial & Investment Bank. Rohrbaugh, 56, will take over as CEO of Consumer & Community Banking, succeeding Lake. The two men each 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. Johns Hopkins alum Rohrbaugh has worked more than 32 years in financial markets. He joined JPMorgan in 2005 as global head of Foreign Exchange Derivatives after roles at Goldman Sachs and Banque Nationale de Paris and previously 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 at the firm. He most recently 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. 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.