June 25 (Reuters) – JPMorgan Chase on Thursday named insiders Doug Petno and Troy Rohrbaugh as co-presidents, advancing succession planning as veteran CEO Jamie Dimon marks 20 years atop Wall Street’s largest bank.
Dimon has led JPMorgan since January 2006, steering the bank through the global financial crisis and periods of significant market volatility. Investors have long speculated about when he might step down, and who would succeed him.
Rohrbaugh will become CEO of consumer and community banking, as Marianne Lake, who led the business, is set to retire after more than 25 years with the lender, JPMorgan said.
Meanwhile, Petno will become CEO of the commercial and investment bank as part of a leadership shuffle.
“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,” JPMorgan said in a statement.
Dimon has often reiterated that the bank’s board is focused on succession planning and that the lender has a cadre of “extremely” qualified executives prepared to run it eventually.
Under his leadership, the bank has climbed to the top of Wall Street, both in terms of assets and market value. JPMorgan now boasts a market capitalization of more than $890 billion, eclipsing the combined value of its two biggest rivals, Bank of America and Citigroup.
Dimon in a statement said the changes in leadership mark “an important step” in the board’s succession plan.
Mary Erdoes will remain CEO of asset and wealth management, while Jennifer Piepszak will continue as chief operating officer.
(Reporting by Manya Saini in Bengaluru; Editing by Leroy Leo and Shinjini Ganguli)
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