JPMorgan Chase has promoted two of its top executives into newly created co-president roles, positioning them as leading internal candidates to eventually succeed CEO Jamie Dimon.
Doug Petno and Troy Rohrbaugh were named co-presidents on Thursday, with the appointments taking effect immediately. The two have jointly led JPMorgan’s commercial and investment banking division since early 2024.
As part of the changes, Petno will become the sole head of the commercial and investment bank, while Rohrbaugh will take over the consumer and community banking division, replacing Marianne Lake.
Lake, who currently leads the consumer and community banking unit, will retire after more than 25 years with the company, JPMorgan said.
“The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders,” Dimon said in a statement.
Dimon, who turned 70 this year, is expected to step down as chief executive in the coming years. He has led the firm since 2006.
The new assignments mark the latest step in JPMorgan’s long-running succession planning process. Dimon surprised investors in 2024 when he said his timetable for stepping down as CEO was no longer five years, language that was widely interpreted as signaling a nearer transition.
The succession picture first shifted in January 2025, when JPMorgan confirmed that Jennifer Piepszak, now the bank’s chief operating officer, did not want to be considered for the CEO role. Piepszak had previously been viewed as one of the leading internal candidates.
Lake, who oversees Chase Bank and JPMorgan’s credit-card business, had also been seen as a potential successor to Dimon. Her planned retirement removes her from the short list of possible contenders.
The promotions now put Rohrbaugh and Petno in more prominent roles across the bank. For Rohrbaugh in particular, the move to the consumer side gives him experience running both of JPMorgan’s largest businesses after years spent in investment banking and trading operations.
“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 said on Thursday.
In a filing Thursday with the U.S. Securities and Exchange Commission, JPMorgan also disclosed retention awards for several senior leaders. Petno and Rohrbaugh each received $30 million retention bonuses, while Mary Erdoes, head of asset and wealth management, and Piepszak each received $20 million.
JPMorgan told regulators the awards are intended to preserve top internal succession candidates, maintain continuity on the bank’s Operating Committee through any leadership transition, and serve the long-term interests of shareholders.