Troy Rohrbaugh and Douglas Petno, co-CEOs of JPMorgan Chase’s Commercial and Investment Bank.
Provided by: JP Morgan Chase
JPMorgan Chase & Co. on Thursday promoted two of its chief executives to the newly created role of co-president, the latest step in CEO Jamie Dimon’s long-running succession plan, and also announced the departure of one of Dimon’s most likely successors.
Doug Petno and Troy Rohrbaugh, who have co-led the bank’s commercial and investment banking division since early 2024, have been named co-presidents of JPMorgan, effective immediately, according to a regulatory filing.
As part of the changes, Petno will become sole CEO of Commercial and Investment Banking, while Rohrbaugh will replace Marian Lake as CEO of Consumer and Community Banking.
“The decision to promote Doug and Troy to co-presidents and heads of the company’s two major businesses reflects the board’s confidence in their exceptional leadership abilities, accomplishments, relationships, experience and commitment to always doing the right thing,” Dimon said in a statement.
Mr. Lake, a 25-year veteran of JPMorgan, had been on the short list of potential successors to Dimon since 2013, but has decided to retire from the company, according to the filing.
The move will result in a reorganization of the management team starting with Mr. Dimon, 70, who has repeatedly said the bank’s board has several executives who could eventually become CEO. JPMorgan has appointed Mr. Petno and Mr. Rohrbaugh to head two of the company’s largest and most important businesses, and promoted them to co-presidents, giving both executives a breadth of management experience at a critical time.
That would most likely reveal one of the two to succeed Mr. Dimon, whose eventual resignation has become one of the hottest questions on Wall Street.
While assuming sole control of a major Wall Street and commercial banking group that Mr. Petno co-led for many years, Mr. Rohrbaugh will now study consumer banking after a career in institutional trading and markets businesses, an important step in expanding his career.
Dimon said Lake, who became sole head of consumer banking in 2024, is “a great partner and friend who has dedicated his career to championing his people and customers, building world-class businesses, and always delivering results with unquestionable integrity.”
This is breaking news. Please refresh to check for updates.
Never miss the most trusted news moments in business news when you choose CNBC as your preferred source on Google.
Source link
