JPMorgan appoints two co-presidents as succession plan unfolds

JPMorgan Chase announced on Thursday that senior executives Doug Petno and Troy Rohrbaugh have been appointed to newly created co-president positions, effective immediately, according to a regulatory filing. The move follows the retirement of Marianne Lake, a long-time executive who had overseen the bank’s strategic growth office and overseas consumer business.

Petno, 61, will become chief executive of the Commercial & Investment Bank, while Rohrbaugh, 56, will lead Consumer & Community Banking, succeeding Lake. Both executives have jointly managed the bank’s Commercial & Investment Bank since early 2024.

"The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders," CEO Jamie Diman 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 JPMorgan Chase."

"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," Diman added.

Petno and Rohrbaugh each received total compensation of $27.5 million last year, according to the bank’s proxy statement. Diman’s own compensation for the same period was $43 million.

The appointments come as the bank’s board continues to evaluate potential successors to Diman, who has indicated he may begin transitioning out of the CEO role as early as this year, though a timeline has not been set.