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JPMorgan Promotes Two Insiders to Co-Presidents as Part of Leadership Succession Planning

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JPMorgan Promotes Two Insiders to Co-Presidents as Part of Leadership Succession Planning

JPMorgan Chase (JPM) said Thursday that it promoted two senior executives to co-presidents as part of the banking giant's leadership transition planning.

Doug Petno and Troy Rohrbaugh, co-Chief Executives of JPMorgan's commercial and investment bank, were named co-presidents, effective immediately.

Petno will become the sole CEO of the commercial and investment bank, which includes global banking, markets, payments and securities services, JPMorgan said. Rohrbaugh will head consumer and community banking.

The promotions "are part of the board's ongoing succession planning designed to ensure continued exceptional leadership at the highest levels of the company," JPMorgan said in a regulatory filing.

Marianne Lake, CEO of consumer and community banking, will retire, JPMorgan said. She was one of CEO Jamie Dimon's potential successors. Dimon has held the reins since Jan. 1, 2006.

"I'm here for a few years as CEO," Dimon said in February.

Petno is a 35-year veteran of JPMorgan, while Rohrbaugh has been with the company since 2005.

Before taking over as sole head of the consumer banking division in 2024, Lake served as CEO of consumer lending from 2019 to 2021 and was the firm's Chief Financial Officer before that.

JPMorgan said that it will award $30 million each to Petno and Rohrbaugh in retention bonuses.

Shares of JPMorgan rose 1.6% in Thursday trading.

Price: $338.73, Change: $+5.28, Percent Change: +1.58%

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