JPMorgan Chase has promoted Doug Petno and Troy Rohrbaugh to co-President roles, marking the latest step in longtime chief executive Jamie Dimon's succession planning, while Marianne Lake, previously seen as a prominent CEO candidate, is retiring. Petno becomes sole chief executive of the Commercial & Investment Bank and Rohrbaugh succeeds Lake as chief executive of Consumer & Community Banking. Mary Erdoes remains chief executive of Asset & Wealth Management and Jennifer Piepszak remains chief operating officer; all four executives report to Dimon.
Dimon said the changes, announced on 25 June 2026, "mark an important step in our Board's thoughtful process around succession planning and development of our top leaders."
SUCCESSION PLAN TAKES SHAPE
Dimon, 70, said in February 2026 that he would remain "for a few years as CEO"; a source told Reuters he would likely stay on as chief executive for another three years and move to executive chairman when he steps down as CEO.
Petno and Rohrbaugh report to Dimon; an analyst quoted by the Associated Press said the board was elevating them "into president-level roles that have historically served as the springboard for the CEO job." Petno and Rohrbaugh each received a USD 30 million retention award, Reuters reported.
LAKE'S DEPARTURE RESHAPES CONTEST
Lake, a former chief financial officer who was long seen as a frontrunner to succeed Dimon, is retiring at the end of the year after more than 25 years at the firm. Her retirement narrows the field of internal contenders, Reuters reported.
Piepszak, 55, and Erdoes, 58, the two women remaining on the operating committee, each received USD 20 million in equity retention awards, AP reported.
RBC Capital Markets said "the path to Jamie Dimon's ultimate retirement is lengthened a bit" because the two co-presidents do not yet appear to have the broad experience Lake had.