JPMorgan has named two new co-presidents in its biggest hint yet as to who might replace longtime CEO Jamie Dimon.
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On Thursday, the finance giant said Doug Petno and Troy Rohrbaugh, who are currently the co-heads of JPMorgan’s investment bank, would become co-presidents effective immediately.
Alongside becoming co-presidents, Petno will become the sole CEO of the investment banking arm, while Rohrbaugh will become CEO of its commercial and community banking division.
JPMorgan directly tied the moves to succession planning, saying they were part of a “process to ensure continued exceptional leadership at the highest levels of the company.”
“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 press release, praising their “extraordinary leadership capabilities.”
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At the same time as Petno and Rohrbaugh’s promotions, JPMorgan said that Marianne Lake, the current head of commercial banking, is retiring.
Lake had long been seen as a potential successor to Dimon, with Fortune naming her one of the 25 most powerful women in the corporate world earlier this year.
Dimon, who turned 70 earlier this year, has been JPMorgan’s CEO since 2006 and steered the bank through the 2008 financial crisis. He has presided over its reign as the biggest bank in the US, with over $4.4 trillion of total assets.
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