JPMorgan Chase has promoted Doug Petno and Troy Rohrbaugh to co-presidents of the company as part of its long-term succession planning, while reshuffling leadership across its two largest operating divisions.
Effective immediately, Petno and Rohrbaugh have assumed the newly created co-president roles after previously serving as co-CEOs of the commercial and investment bank.
Under the changes, Petno has become sole CEO of the commercial and investment bank, while Rohrbaugh has taken over as CEO of consumer and community banking.
The company said the appointments form part of the board’s ongoing succession planning process to ensure continued leadership at the highest levels of the organisation. While no date is set for the retirement of Jamie Dimon, who has worked at the bank since 2005, it is expected a handover will take place in the next few years.
The changes also coincide with the retirement of consumer and community banking chief executive officer Marianne Lake after more than 25 years with the firm.
Lake will work with Rohrbaugh and other senior executives over the coming weeks to support the leadership transition.
“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.
“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 said the board’s decision to promote Petno and Rohrbaugh reflected confidence in their leadership and track records.
“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,” Dimon said.
He also paid tribute to Lake’s contribution to the bank over more than two decades.
“Marianne Lake has served our company with distinction for more than 25 years as head of CCB, chief financial officer, a member of the operating committee and other key roles.
“She has been an outstanding partner and friend and has dedicated her career to championing our people and customers, building world-class businesses and delivering results, always with unquestioned integrity. We will miss her and wish her all the best in the future.”
The announcement leaves other senior leadership roles unchanged, with chief executive of asset and wealth management Mary Erdoes and chief operating officer Jennifer Piepszak continuing in their existing positions.
Petno, Rohrbaugh, Erdoes and Piepszak will all continue to report directly to Dimon.
