JPMorgan names 2 co-presidents in its CEO succession contest
JPMorgan Chase announced on Thursday that it would promote two executives to newly created co-president roles amid CEO Jamie Dimon’s succession plan. Marianne Lake, the CEO of JPMorgan’s consumer and community banking division and a potential successor of Dimon, has left the company. Doug Petno and Troy Rohrbaugh, the new co-presidents, are no strangers to sharing power. Since 2024, the two have co-led JPMorgan’s commercial and investment banking divisions. Now, Petno will take on being the only chief executive of the commercial and investment banking division, while Rohrbaugh will take over Lake’s position to lead the consumer and community banking division. Both received onetime retention and continuity awards of $30 million, according to a Securities and Exchange Commission (SEC) filing. In a press release, Dimon said that the decision “reflects the Board’s confidence in [Petno’s and Rohrbaugh’s] extraordinary leadership capabilities, business performance, relationships, experience, and commitment to always doing the right thing.” With the co-president appointment, the wait to see who will take over as CEO of the world’s largest bank by market cap just got a little longer. In February, at a JPMorgan investor day in New York City, Dimon said he would remain at the company “for a few years as CEO, and maybe a few after that, as executive chairman.” “This is the biggest job in banking,” Michael Useem, a professor of management at the University of Pennsylvania’s Wharton School of Business, tells Fast Company. “These bigger companies, the complexity and diversity of concerns they have are just unbelievable,” he adds. “As a result, if you got two people who can sit, talk, quickly react—it doesn’t get better than that.” Margarethe Wiersema, a professor at the UC Irvine Paul Merage School of Business, says that JPMorgan’s co-president announcement offers a clear pipeline that reassures investors and supports the company’s stability. “It’s always better