Jamie Dimon, the long-standing CEO of JPMorgan Inc. (NYSE:JPM), is set to extend his leadership amid a significant reshuffling of the bank’s top executives and the establishment of a new succession plan.
The bank on Thursday announced the promotion of insiders Doug Petno and Troy Rohrbaugh to co-presidents, following the retirement of senior executive Marianne Lake. These leadership changes have further narrowed down the potential successors to Dimon, who has been leading the bank for two decades.
Dimon said the board promoted Doug and Troy to co-presidents because of its confidence in their leadership, strong business performance, experience, and commitment to doing the right thing.
Sources told Reuters that Dimon’s tenure would be extended for at least three more years.
Under the new leadership structure, Rohrbaugh will take over as CEO of consumer and community banking, replacing Lake. Meanwhile, Petno will assume the role of CEO of the commercial and investment bank. Both Petno and Rohrbaugh were previously co-CEOs of the commercial and investment bank.
