Doug Petno and Troy Rohrbaugh, co-CEOs of commercial and investment banking (CIB) for JPMorgan Chase, have been named co-presidents of the company, effective immediately. In addition to their new roles, Petno will become sole CEO of CIB, and Rohrbaugh will become CEO of consumer and community banking (CCB).
Marianne Lake, currently CEO of CCB, has decided to retire from the company after more than 25 years of service. Lake will work with Rohrbaugh and other senior executives over the coming weeks to help ensure a smooth transition.
“The changes announced today mark an important step in our board’s thoughtful process around succession planning and development of our top leaders,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said. “We are fortunate to have in place an exceptional group of senior leaders, not only at our operating committee level but across our organization, and I’ve never been more excited about the future of JPMorganChase. 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, “Marianne Lake has served our company with distinction for more than 25 years as head of CCB, chief financial officer, a member of the operating committee and other key roles. She has 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. We will miss her and wish her all the best in the future.”
The two new co-presidents, as well as Mary Erdoes, CEO of asset and wealth management, and Jennifer Piepszak, chief operating officer, will continue to report to Dimon.
