business
JPMorgan Names Petno and Rohrbaugh Co-Presidents
Doug Petno and Troy Rohrbaugh were appointed co-presidents Thursday, positioning them as frontrunners to succeed CEO Jamie Dimon. The move narrows a field that included three women less than two years ago.
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JPMorgan named Doug Petno and Troy Rohrbaugh co-presidents on Thursday. The two currently co-head the commercial and investment bank and are now positioned as the leading candidates to replace longtime CEO Jamie Dimon. Less than two years earlier, Jennifer Piepszak, Marianne Lake, and Mary Erdoes had been viewed as top contenders for the role, Insider reported.
Piepszak serves as chief operating officer. Lake leads the commercial bank. Erdoes heads asset and wealth management. Piepszak stated she had no interest in succeeding Dimon. Lake announced her retirement after more than 25 years at the firm.
Erdoes remains in her current position and was not referenced in the succession portion of the announcement. Dimon has led JPMorgan since 2006. He turned 70 in 2026 and received treatment for throat cancer in 2014.
In the first quarter of 2026, the commercial and investment bank posted $9 billion in net income while asset and wealth management generated $1.8 billion. Seven of the thirteen members of JPMorgan's operating committee are women. Bank of America analysts said Lake's retirement indicates Dimon will remain CEO for several more years.
Wells Fargo analyst Mike Mayo said he was surprised and puzzled by the departure of a star executive.
