JPMorgan names co-presidents as succession process for CEO Dimon begins

JPMorgan Chase announced the promotion of senior executives Doug Petno and Troy Rohrbaugh to co-president positions, a move that sets the stage for a succession process to replace long-time chief executive Jamie Dimon. The bank also confirmed that Marianne Lake, who led its consumer and community banking division, will retire later this year.

Dimon said in a press release that the changes reflect “the board’s thoughtful process around succession planning and development of our top leaders,” adding that the firm has “an exceptional group of senior leaders.” He did not specify a timeline for his own transition, though analysts expect him to begin stepping back from the CEO role in the near future.

Petno and Rohrbaugh, who previously oversaw the bank’s consumer and investment banking businesses, are now positioned as the leading candidates to assume the chief executive role. Other senior executives, including chief operating officer Jenn Piepszak and asset-management head Mary Erdoes, are no longer being considered for the top job, according to sources familiar with the matter.

The leadership shift comes as JPMorgan continues to manage a broad range of financial services, from consumer lending to complex derivatives trading, and remains a key institution in the U.S. financial system.