JPMorgan Chase announced Thursday that it is promoting two veteran insiders, Doug Petno and Troy Rohrbaugh, to the role of co-presidents — a move that brings the company’s leadership succession planning into sharper focus as CEO Jamie Dimon reaches his 20th year running Wall Street’s biggest bank.
Dimon has been at the top of JPMorgan since January 2006, guiding the institution through the global financial crisis and stretches of intense market turbulence. For years, investors have watched closely for any signs of when he might eventually step aside and who might take his place.
As part of the reshuffle, Rohrbaugh will take over as CEO of consumer and community banking. That transition comes as Marianne Lake, who previously ran that division, prepares to retire after spending more than 25 years at the bank.
Petno, meanwhile, will step into the role of CEO of the commercial and investment bank as the company reorganizes its top leadership structure.
In an official statement, JPMorgan described the moves this way: “The promotions of Petno and Rohrbaugh to co-presidents and sole CEOs of the company’s two largest businesses are part of the board’s ongoing succession planning process.”
Dimon has repeatedly said over the years that the bank’s board is actively engaged in succession planning and that JPMorgan has a group of “extremely” qualified leaders ready to eventually take the reins.
During Dimon’s tenure, JPMorgan has risen to the very top of the financial industry, both by total assets and overall market value. The bank currently carries a market capitalization exceeding $890 billion — a figure that surpasses the combined market value of its two largest competitors, Bank of America and Citigroup.
Dimon called the leadership changes “an important step” in the board’s broader succession strategy.
In other leadership news from the announcement, Mary Erdoes will stay on as CEO of asset and wealth management, and Jennifer Piepszak will continue serving as the company’s chief operating officer.
