JPMorgan has named two new co-presidents, the biggest hint yet as to who might replace longtime CEO Jamie Dimon.
On Thursday, the finance giant said Doug Petno and Troy Rohrbaugh, who are currently the co-heads of JPMorgan's investment bank, would become co-presidents, effective immediately.
Alongside becoming co-presidents, Petno will become the sole CEO of the investment banking arm, while Rohrbaugh will become CEO of its commercial and community banking division.
JPMorgan directly tied the moves to succession planning, saying they were part of a "process to ensure continued exceptional leadership at the highest levels of the company."
"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 in a press release, praising the men's "extraordinary leadership capabilities."
Succession questions have loomed over JPMorgan and its now 70-year-old CEO for years. The race narrowed when Daniel Pinto, Dimon's longtime lieutenant and the one many saw as most likely to take over in an emergency, announced his retirement at the end of this year.
Both Petno and Rohrbaugh have been considered as possible candidates to succeed Dimon for some time now. In a 2024 Business Insider profile, Wall Street recruiters said Rohrbaugh's background as a risk manager could make him a powerful C-Suite contender.
At the same time as Petno and Rohrbaugh's promotions, the bank announced that another former contender for the CEO job is retiring: Marianne Lake, the current head of commercial banking. She's been at the bank for more than 25 years, and Fortune named her one of the 25 most powerful women in the corporate world earlier this year. She's the latest to withdraw from the race, after chief operating officer Jennifer Piepszak said she was not interested in the top role.
Mary Erdoes, the CEO of Asset & Wealth Management, had been seen as another candidate to replace Dimon, but her role will remain unchanged, according to the bank's press release. Dimon has not set a timeline for his retirement, and said as recently as this year that he wants to stay in his job for "at least" five more years. He said, however, that it's "up to the board" how long he remains in the position, a viewpoint he's repeated often.
Dimon has been CEO since 2006 and steered the bank through the 2008 financial crisis. Two decades in, he's still working to cement his legacy as a titan not only in the financial world but in the country. Last year, he launched the Security & Resiliency Initiative to boost industries strategically important to the U.S. In March, the bank announced a sweeping "American Dream Initiative," focused on six key areas.
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Will Martin is a senior business editor with 10 years of experience in various roles at Business Insider. He works with a team of reporters and editors to cover everything from Big Tech, to the aviation industry, to fast food.Prior to working on the business news team, Will led Insider's sports coverage in the company's London bureau, publishing award-nominated work on alleged gang involvement in elite boxing, deeply-reported features on a civil war in Olympic sport modern pentathlon, and profiles of some of the biggest rising-stars in soccer.Before joining the sports team, Will spent a year as an associate editor on Insider's global news team. Before that, Will worked as a markets and economics reporter for Business Insider for more than three years.During his time with the news team, Will assigned and edited reporting and features on everything from the Boeing 737 Max crisis, to the persecution of Uyghur Muslims in China, to global geopolitics, and even a Barack Obama-themed service station in Ireland.He also personally reported on allegations of illegal mass human organ harvesting in China.Prior to working for Insider, Will gained a BA in International Relations from the University of Exeter, and an MA in Financial Journalism at City, University of London.You can reach him by email on: [email protected]Or via Twitter: @willmartin19
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