JPMorgan Chase on Thursday named insiders Doug Petno and Troy Rohrbaugh as co-presidents, advancing succession planning as veteran CEO Jamie Dimon marks 20 years atop Wall Street's largest bank.
The leadership changes potentially narrow a field of senior executives long viewed as successors to Dimon, who is known to wield influence on Wall Street like no other. His views on the economy, regulation and financial markets are closely watched by investors and policymakers alike.
So the question of who will eventually succeed him has become one of the most closely followed leadership transitions in corporate America.
JPMorgan said on Thursday that Rohrbaugh will become CEO of consumer and community banking, as Marianne Lake, who led the business, is set to retire after more than 25 years with the lender.
Meanwhile, Petno will become CEO of the commercial and investment bank as part of a leadership shuffle. Mary Erdoes will remain CEO of asset and wealth management, while Piepszak will continue as chief operating officer. "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.
Among other frontrunners were Lake, who had been floated by analysts and media reports as a potential contender for the top job, and fellow veteran executive Jennifer Piepszak.
Lake had previously also served as the bank's CEO of consumer lending as well as chief financial officer.
