business
JPMorgan Chase Names Petno and Rohrbaugh Co-Presidents as Lake Retires
Doug Petno and Troy Rohrbaugh were appointed co-presidents of JPMorgan Chase effective immediately. Marianne Lake is retiring after 25 years, with Rohrbaugh succeeding her as CEO of Consumer & Community Banking.
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JPMorgan Chase announced Thursday that Doug Petno and Troy Rohrbaugh were named co-presidents of the bank effective immediately. The two executives have jointly run the Commercial & Investment Bank since early 2024. Marianne Lake, 56, is retiring from the bank after a 25-year career.
She was tapped a year ago to run the strategic growth office. Rohrbaugh, also 56, will take over as CEO of Consumer & Community Banking, succeeding Lake. Petno, 61, will serve as sole CEO of the Commercial & Investment Bank.
Jamie Dimon stated that the changes mark an important step in the Board’s succession planning process. He added that the promotion of Rohrbaugh and Petno reflects the Board’s confidence in their leadership capabilities, business performance, relationships, experience and commitment.
To ensure a smooth transition, JPMorgan awarded top bankers one-time retention packages worth a combined $100 million in restricted stock.
Petno and Rohrbaugh will each receive $30 million. Jennifer Piepszak and Mary Erdoes will each receive $20 million.5 million in total compensation last year. Dimon received $43 million.
Petno is a 35-year veteran at JPMorgan Chase and an MBA graduate from the University of Rochester. He served as CEO of Commercial Banking from 2012 to 2024. Rohrbaugh is a Johns Hopkins alumnus who has worked more than 32 years in financial markets and joined JPMorgan in 2005 as global head of Foreign Exchange Derivatives.
