JPMorgan Chase just made the most consequential leadership move in American banking this decade. Doug Petno and Troy Rohrbaugh have been elevated to co-presidents, effectively turning the world’s largest bank into a two-horse race for the CEO job.
Jamie Dimon, who has run JPMorgan since 2006, isn’t leaving tomorrow. He plans to stay in the top seat until at least 2029 before potentially transitioning to executive chairman.
The new power structure
The June 25 announcement reshuffled the deck in a way that surprised some observers. Marianne Lake, long considered the frontrunner to eventually replace Dimon, announced her retirement on the same day. Her departure clears the field entirely for Petno and Rohrbaugh.
Both new co-presidents received $30 million retention bonuses. JPMorgan is paying a combined $60 million just to make sure these two don’t pick up the phone when headhunters call.
