For more than a decade, Marianne Lake has climbed the ranks of the Fortune Most Powerful Women list. A longtime JPMorgan exec, she has held roles from CFO to CEO of consumer lending to, most recently, CEO of consumer and community banking. Lake has always been an influential banking exec, but she started inching closer to the top when she was explicitly named as a contender in the race to succeed Jamie Dimon.
Well, yesterday JPMorgan announced that Lake is retiring after more than 25 years at the bank. That takes her out of the running—and comes about a year and a half after her onetime fellow CEO contender Jennifer Piepszak bowed out of the race. JPMorgan is elevating Doug Petno and Troy Rohrbaugh to co-presidents, leaving them in a two-man (literally) race to take over.
“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. “We are fortunate to have in place an exceptional group of senior leaders, not only at our operating committee level but across our organization.” About Lake, he added that 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,” he said.
