JPMorgan Chase named Doug Petno and Troy Rohrbaugh co-presidents of the company on Thursday 25 June 2026 as part of a leadership reshuffle that advances chief executive Jamie Dimon’s succession planning and reshapes leadership of its two largest businesses.

Petno, previously co-chief executive of the commercial and investment bank, will become sole chief executive of that division, while Rohrbaugh will move to lead consumer and community banking. The changes follow the announcement that Marianne Lake, the long-serving head of consumer banking and a former chief financial officer, will retire after more than 25 years at the lender.

Jamie Dimon, chairman and chief executive, said: “The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders.”

“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,” he said.

Marianne Lake’s exit removes one of the most closely watched internal contenders for the top job, according to people familiar with the matter, while bringing into focus the group of senior executives being considered as eventual successors to Dimon.

Petno and Rohrbaugh were each awarded $30 million in restricted stock retention awards. The grants vest over three years subject to performance conditions linked to return on tangible common equity targets.

The reshuffle also leaves Mary Erdoes and chief operating officer Jennifer Piepszak in unchanged roles reporting to Dimon, as the bank continues to run its three main operating businesses under its established structure.

Both executives are now expected to gain broader exposure across the bank’s two core businesses, a key element in the board’s approach to preparing potential successors for the chief executive role. The changes effectively place them at the centre of JPMorgan’s long-running succession process, which has been closely watched by investors given Jamie Dimon’s 20-year tenure and the scale of the lender’s global operations.

The company said its wider operating committee structure remains unchanged, with senior leaders continuing to report directly to Dimon. The group, which includes Mary Erdoes and Jennifer Piepszak, will remain responsible for asset and wealth management and group operations respectively, maintaining continuity across the lender’s main divisions.

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