JPMorgan Chase & Co. named Troy Rohrbaugh and Doug Petno as co-presidents of the agency because the abrupt departure of client banking chief Marianne Lake marked one other twist within the race to succeed Chief Government Officer Jamie Dimon.
The brand new titles put Rohrbaugh and Petno in a two-man race to one-day substitute Dimon, 70. Rohrbaugh will substitute Lake, giving the Wall Avenue veteran a perch overseeing JPMorgan’s sprawling client enterprise. Petno will probably be sole CEO of the industrial and funding financial institution, in accordance with an announcement Thursday.
The current modifications got here with retention bonuses, which vest after three years, for probably the most senior executives. Petno and Rohrbaugh are set to obtain one-time awards of $30 million every, whereas Chief Working Officer Jenn Piepszak and Mary Erdoes, who leads the asset and wealth administration enterprise, will obtain $20 million every, in accordance with a regulatory submitting.
“The modifications introduced in the present day mark an vital step in our board’s considerate course of round succession planning and improvement of our high leaders,” Dimon mentioned. “We’re lucky to have in place an distinctive group of senior leaders, not solely at our working committee degree however throughout our group.”
Lake is the most recent senior government to exit the race to succeed Dimon in overseeing the nation’s largest financial institution. In 2025, the financial institution named Piepszak as its new COO, placing her in a key No. 2 function underneath Dimon after she dominated herself out as a attainable CEO contender.
Piepszak’s and Erdoes’ roles stay unchanged with Thursday’s announcement.
The query of who will substitute Dimon has develop into certainly one of Wall Avenue’s favourite parlor video games within the final decade. A laundry listing of potential successors have risen via the ranks of the financial institution solely to depart as Dimon, who’s led JPMorgan since 2006, has continued to maintain a agency grip on the financial institution.
Lake is a well-known face for JPMorgan traders, having beforehand served as chief monetary officer for the six years main as much as 2019. When she was appointed, Lake, who has a bachelor’s diploma in physics, was the primary CFO with a background centered on finance and accounting in virtually a decade.
In her most up-to-date function, she was overseeing the unit at JPMorgan that banks almost 87 million shoppers and seven.5 million small companies in america.