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JPMorgan Chase Names Petno and Rohrbaugh Co-Presidents After Consumer Banking CEO Retires
JPMorgan Chase elevated Doug Petno and Troy Rohrbaugh to co-presidents last week. The moves position the pair to compete for the CEO role held by Jamie Dimon. Marianne Lake announced her retirement from the consumer banking unit.
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JPMorgan Chase elevated Doug Petno and Troy Rohrbaugh to co-presidents last week. The appointments create a direct contest to succeed CEO Jamie Dimon. Rohrbaugh, who spent much of his career in trading and investment banking, will now lead the consumer bank.
Petno will take sole control of the commercial and investment bank. Marianne Lake, CEO of Consumer & Community Banking, announced her retirement. She had long been viewed as a leading contender to succeed Dimon.
Fortune reported that the bank adopted the approach used by General Electric before selecting Jeff Immelt in 2001 and by Disney before appointing Bob Chapek in 2020. The moves give the board more information on each candidate while broadening their experience.
The bank’s board gains flexibility by keeping multiple candidates in contention, though the process can narrow the field when one executive departs.
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