JPMorgan Chase on Thursday promoted two of its prime executives into newly created co-president roles, marking the most recent step in CEO Jamie Dimon’s long-running succession planning whereas asserting the retirement of considered one of Dimon’s most outstanding potential successors.
Doug Petno and Troy Rohrbaugh, who’ve collectively led the financial institution’s industrial and funding banking division since early 2024, have been named co-presidents of JPMorgan efficient instantly, in keeping with a regulatory submitting.
As a part of the modifications, Petno, 61, turns into the only chief govt of the industrial and funding banking division, whereas Rohrbaugh, 56, will take over as CEO of the agency’s client and neighborhood banking division, succeeding Marianne Lake.
“The choice to raise Doug and Troy to Co-Presidents and heads of the corporate’s two largest companies displays the Board’s confidence of their extraordinary management capabilities, enterprise efficiency, relationships, expertise and dedication to at all times doing the best factor,” Dimon stated in a press release.
Co-CEOs of Business & Funding Financial institution at JPMorganChase, Troy Rohrbaugh and Douglas Petno.
Courtesy: JPMorganChase
Lake, a 25-year veteran of JPMorgan who has been on the quick listing of potential Dimon successors since serving as CFO beginning in 2013, determined to retire from the agency, in keeping with the submitting.
The strikes reshape the management staff beneath Dimon, 70, who has repeatedly stated the financial institution’s board has a number of executives able to finally turning into CEO. By putting Petno and Rohrbaugh in command of the agency’s two largest and most vital working companies whereas additionally elevating them to co-presidents, JPMorgan provides each executives broader administration expertise at an important time.
Dimon expects to stay CEO for roughly three extra years, although that timeline might change, in keeping with two folks with information of his considering. The financial institution has stated that after Dimon steps down, he’ll doubtless keep on as chairman to advise the brand new CEO.
Earlier than the most recent modifications, Petno had the sting over Rohrbaugh within the succession race, however that hole has closed, in keeping with the 2 folks, who declined to be recognized talking concerning the financial institution’s plans. Both supervisor might take over for Dimon within the quick time period if wanted, they stated.
Whereas Petno takes over sole management of the important thing Wall Avenue and industrial banking group that he has co-led for a couple of years, Rohrbaugh will now study client banking after a profession in institutional buying and selling and markets companies, a key step to increasing his resume.
Lake submitted her resignation after the board winnowed the successor shortlist to the 2 males, in keeping with one of many folks. The individual informed CNBC they anticipate Lake to search out an govt position elsewhere.
Dimon stated that Lake, who took over as sole head of the buyer banking division in 2024, was “an impressive companion and buddy and has devoted her profession to championing our folks and clients, constructing world-class companies and delivering outcomes, at all times with unquestioned integrity.”
$30 million bonuses
In one other signal of their freshly minted standing atop the succession listing, Petno and Rohrbaugh every acquired one-time restricted inventory bonuses valued at $30 million.
That’s considerably greater than the $20 million awards given to asset and wealth administration CEO Mary Erdoes, one other potential Dimon successor, and Chief Working Officer Jennifer Piepszak. Final 12 months, Piepszak signaled that she needed to be excluded from the succession shortlist.
The awards are separate from the executives’ annual pay and vest solely after three years if JPMorgan hits a median return on tangible frequent fairness of not less than 12% between 2026 and 2028. The executives should additionally stay employed throughout that interval, with no vesting for retirement, job elimination or authorities service.
The financial institution stated the awards have been supposed to “protect prime certified inner succession candidates” and keep continuity amongst its working committee throughout any future management transitions.
Jamie Dimon, chief govt officer of JPMorgan Chase & Co., in the course of the 2026 Reagan Nationwide Financial Discussion board on the Ronald Reagan Presidential Library in Simi Valley, California, US, on Friday, Could 29, 2026.
Caroline Brehman | Bloomberg | Getty Photos
Throughout his 20-year reign atop JPMorgan, Dimon has overseen the rise of a middling establishment to what’s now the largest U.S. financial institution by property and the world’s largest lender by market capitalization.
However each time the subject of succession planning got here up, Dimon has stated that retirement was at all times 5 years away, in what turned a working joke on the agency. In that point, a number of deputies have moved on to guide different organizations after dropping persistence that the highest job would ever turn into obtainable.
About two years in the past, nevertheless, Dimon signaled that his retirement date, nevertheless murky that also is, was inching nearer.
“The timetable is not 5 years anymore,” Dimon stated on the financial institution’s 2024 annual investor assembly.
