NEW YORK — JPMorgan Chase promoted Doug Petno and Troy Rohrbaugh to newly created co-president roles on Thursday, effective immediately. Petno will serve as the sole CEO of the commercial and investment banking division, while Rohrbaugh will take over as CEO of the consumer and community banking division.

Rohrbaugh replaces Marianne Lake, who decided to retire from JPMorgan. Lake is a 25-year veteran of JPMorgan and served as CFO starting in 2013. Lake had taken over as the sole head of the consumer banking division earlier in 2024. Jamie Dimon, CEO of JPMorgan Chase, said, "The decision to elevate Doug and Troy to Co-Presidents and heads of the company's two largest businesses reflects the Board's confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing." Dimon added that Lake had been "an outstanding partner and friend and has dedicated her career to championing our people and customers, building world-class businesses and delivering results, always with unquestioned integrity."

Petno and Rohrbaugh have jointly led the commercial and investment banking division since early 2024. In connection with their promotions, Petno and Rohrbaugh each received a one-time restricted stock bonus valued at $30 million. Mary Erdoes, CEO of asset and wealth management, and Jennifer Piepszak, Chief Operating Officer, each received a $20 million award.

JPMorgan stated these awards were intended to preserve top qualified internal succession candidates and maintain continuity among its operating committee during any future leadership transitions. The restricted stock bonuses vest after three years if JPMorgan achieves an average return on tangible common equity of at least 12% over 2026 through 2028. Executives must remain employed during this three-year vesting period, with no vesting for retirement, job elimination, or government service.

Dimon, who is 70 years old, has been CEO of JPMorgan for 20 years. He said the "timetable isn't five years anymore." Jennifer Piepszak signaled last year that she wanted to be excluded from the succession shortlist for the leadership role.

Why It Matters

These appointments signify a change in JPMorgan Chase's executive leadership structure, positioning new co-presidents to oversee key divisions of the company. The promotions and associated stock bonuses are part of a strategy to retain senior talent and manage future leadership transitions, particularly as the company's long-serving CEO Jamie Dimon approaches his 70s.

JPMorgan Chase is the biggest U.S. bank by assets and the world's largest lender by market capitalization. The company's efforts to ensure leadership continuity reflect its focus on long-term stability and business performance.