Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025. (Eva Marie Uzcategui/Bloomberg via Getty Images)
JPMorgan $JPM Chase named Doug Petno and Troy Rohrbaugh co-presidents of the company on Thursday, elevating the pair to the front of the race to eventually succeed CEO Jamie Dimon while announcing the retirement of Marianne Lake, who had long been considered a leading candidate for the top job.
Effective immediately, both executives step into their new titles, the company said; prior to Thursday's announcement, the pair had shared leadership of the commercial and investment banking division since early 2024. Alongside the co-president roles, Petno becomes sole CEO of the commercial and investment banking division, while Rohrbaugh moves to lead consumer and community banking — the business Lake currently heads.
Having joined the firm more than two decades ago and risen to CFO in 2013 before eventually heading consumer and community banking, Lake will spend the coming weeks working alongside Rohrbaugh and other senior leaders to hand off her responsibilities, the company said.
"The changes announced today mark an important step in our Board's thoughtful process around succession planning and development of our top leaders," Dimon said in a statement.
The reshuffled structure hands each executive a business outside his traditional comfort zone, according to CNBC. For Rohrbaugh, who built his reputation on trading floors and institutional markets, the consumer franchise represents an entirely new arena — one that rounds out a profile previously light on retail experience. Petno, meanwhile, takes sole command of the Wall Street and commercial banking unit he previously co-led.
Thursday's announcement also included a significant pay component, according to The Wall Street Journal: the two new co-presidents will each pocket $30 million retention bonuses, while asset and wealth management chief Mary Erdoes and COO Jennifer Piepszak will each receive $20 million. Both Erdoes and Piepszak retain their current roles and will continue to report to Dimon, along with the two new co-presidents, the company said.
Dimon, who turned 70 this year, has said the bank's board has multiple executives capable of eventually becoming CEO. His eventual departure has been among the most closely watched questions on Wall Street.
"Marianne Lake has served our company with distinction for more than 25 years," Dimon said in a statement. "She has been an outstanding partner and friend and has dedicated her career to championing our people and customers, building world-class businesses and delivering results, always with unquestioned integrity."
