JPMorgan Chase Names New Co-Presidents in Key Succession Move
The appointments are part of a succession planning process led by the board of directors, according to a company statement.
Executive Changes
JPMorgan Chase announced on Thursday the appointment of Doug Petno and Troy Rohrbaugh to the newly created roles of co-president, effective immediately.
Under the new structure, Petno will serve as sole CEO of the commercial and investment banking division, while Rohrbaugh will become CEO of the consumer and community banking division. The two executives had jointly led the commercial and investment banking division since early 2024.
Marianne Lake, who previously led the consumer and community banking division, is retiring after 25 years at the firm. Lake had been considered a potential successor to CEO Jamie Dimon, according to sources within the bank.
Compensation Details
Petno and Rohrbaugh each received one-time restricted stock awards valued at $30 million. The awards vest after three years, contingent on:
- The bank achieving an average return on tangible common equity of at least 12% over the 2026-2028 period
- Continued employment
JPMorgan stated the awards are intended to retain internal succession candidates and ensure leadership continuity, and are separate from annual compensation.
"The changes announced today mark an important step in our board's thoughtful process around succession planning and development of our top leaders." — Jamie Dimon, CEO since 2006
Leadership Context
According to sources within the bank, the co-president appointments establish a competition to succeed Dimon. Jennifer Piepszak, chief operating officer, and Mary Erdoes, head of asset and wealth management, are no longer considered candidates for CEO, per bank sources.