JPMorgan gave its biggest clue yet as to who might succeed longtime CEO Jamie Dimon.<\/p>\n
Investment bank co-CEOs Doug Petno and Troy Rohrbaugh will become the firm’s new co-presidents.<\/p>\n
Dimon, who turned 70 in March, has been JPMorgan’s boss for two decades.<\/p>\n
JPMorgan has named two new co-presidents, the biggest hint yet as to who might replace longtime CEO Jamie Dimon<\/a>.<\/p>\n On Thursday, the finance giant said Doug Petno and Troy Rohrbaugh, who are currently the co-heads of JPMorgan’s investment bank, would become co-presidents, effective immediately.<\/p>\n Alongside becoming co-presidents, Petno will become the sole CEO of the investment banking arm, while Rohrbaugh will become CEO of its consumer and community banking division.<\/p>\n JPMorgan directly tied the moves to succession planning, saying they were part of a “process to ensure continued exceptional leadership at the highest levels of the company.”<\/p>\n “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 press release, praising the men’s “extraordinary leadership capabilities.”<\/p>\n Succession questions have loomed over JPMorgan and its now 70-year-old CEO for years. The race narrowedwhen Daniel Pinto<\/a>, Dimon’s longtime lieutenant and the one many saw as most likely to take over in an emergency, announced his retirement at the end of this year.<\/p>\n Both Petno and Rohrbaugh have been considered as possible candidates to succeed Dimon for some time now. In a 2024 Business Insider profile<\/a>, Wall Street recruiters said Rohrbaugh’s background as a risk manager could make him a powerful C-Suite contender.<\/p>\n Meet Troy Rohrbaugh, the dark horse in the race to be Jamie Dimon’s successor<\/a><\/p>\n At the same time as Petno and Rohrbaugh’s promotions, the bank announced that another former contender for the CEO job is retiring: Marianne Lake<\/a>, the current head of commercial banking. She’s been at the bank for more than 25 years, andFortune named her one of the 25 most powerful women in the corporate world earlier this year. She’s the latest to withdraw from the race, after chief operating officer Jennifer Piepszak said she was not interested in the top role.<\/p>\n Mary Erdoes, the CEO of Asset & Wealth Management, had been seen as another candidate to replace Dimon, but her role will remain unchanged, according to the bank’s press release. Dimon has not set a timeline for his retirement, and said as recently as this year that he wants to stay in his job for “at least” five more years<\/a>. He said, however, that it’s “up to the board” how long he remains in the position, a viewpoint he’s repeated often.<\/p>\n Dimon has been CEO since 2006 and steered the bank through the 2008 financial crisis. Two decades in, he’s still working to cement his legacy as a titan not only in the financial world but in the country. Last year, he launched the Security & Resiliency Initiative <\/a>to boost industries strategically important to the U.S. In March, the bank announced a sweeping “American Dream Initiative<\/a>,” focused on six key areas.<\/p>\n