JPMorgan elevates 2 executives as Marianne Lake retires
Why it matters: The reshuffle puts Doug Petno and Troy Rohrbaugh at the center of CEO Jamie Dimon’s succession race, with $30 million stock awards each.
JPMorgan Chase promoted Doug Petno and Troy Rohrbaugh to newly created co-president roles effective immediately, while longtime executive Marianne Lake decided to retire after 25 years at the bank. The move reshapes the leadership bench below CEO Jamie Dimon and sharpens the contest to eventually succeed him. Petno, who had jointly run commercial and investment banking with Rohrbaugh since early 2024, now becomes sole CEO of that division. Rohrbaugh moves to CEO of consumer and community banking, taking over the bank’s largest Main Street business after a career centered on trading and markets. In another sign of their elevated standing, JPMorgan granted both men one-time restricted stock awards worth $30 million.