JPMorgan appoints Doug Petno and Troy Rohrbaugh as co-presidents, Marianne Lake retires

JPMorgan Chase announced on Thursday that Doug Petno and Troy Rohrbaugh have been elevated to co-president positions, effective immediately, according to a regulatory filing. Petno will serve as chief executive of the commercial and investment banking division, while Rohrbaugh will become chief executive of the consumer and community banking division, succeeding Marianne Lake, who is retiring after a 25-year tenure.

"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," CEO Jamie Diman said in a statement.

Lake, a former chief financial officer and long-time candidate for the top job, had led the consumer banking unit since 2024. Diman praised her as an "outstanding partner and friend" who had dedicated her career to the bank's people and customers.

The appointments give Petno and Rohrbaugh broader management experience across JPMorgan's two biggest operating businesses, positioning them as leading candidates to succeed Diman, who has indicated that his retirement timeline is no longer five years away.

Both executives received one-time restricted stock awards valued at $30 million, contingent on the bank achieving a 12 % average return on tangible common equity from 2026 through 2028 and remaining employed through that period. The bank said the awards aim to retain top internal succession candidates and ensure continuity in future leadership transitions.