JPMorgan elevates Petno and Rohrbaugh as Lake retires
The bank created co-president roles for two senior executives, reshaping the leadership ranks below CEO Jamie Dimon.
By Hana Yoshida · Markets Reporter
2 min read
JPMorgan Chase promoted Doug Petno and Troy Rohrbaugh to newly created co-president posts, a change that reshapes the bank’s senior management ranks below CEO Jamie Dimon. The bank also disclosed that Marianne Lake, long viewed as a possible successor to Dimon, will retire.
Petno and Rohrbaugh will take the co-president titles immediately, according to a JPMorgan regulatory filing. The filing said the two executives had jointly run the company’s Commercial & Investment Bank since early 2024.
Under the new structure, Petno becomes the sole CEO of JPMorgan’s Commercial & Investment Bank. Rohrbaugh will move to lead Consumer & Community Banking, replacing Lake, according to the filing.
The changes place Petno and Rohrbaugh in charge of JPMorgan’s two largest businesses while giving both broader roles at the parent company. CNBC reported that the move is the latest step in Dimon’s long-running succession planning.
Dimon, 70, has said in the past that JPMorgan’s board has more than one executive who could eventually lead the bank, according to CNBC. His future departure remains one of the closely watched leadership questions on Wall Street.
In a company statement, Dimon said the decision to name Petno and Rohrbaugh co-presidents and put them atop the bank’s two largest businesses reflected the board’s confidence in their leadership, results, experience and judgment.
Lake’s retirement removes one of the most prominent names from the group of potential Dimon successors. The JPMorgan filing said Lake, who spent 25 years at the bank, decided to leave the company.
Lake had been considered a possible future CEO since becoming chief financial officer in 2013, according to CNBC. She became sole head of Consumer & Community Banking in 2024.
Dimon praised Lake in the company statement, calling her an outstanding partner and friend. He said she had spent her career supporting employees and customers, building businesses and delivering results with integrity.
The leadership shifts also change the career tracks of Petno and Rohrbaugh. Petno will continue in the Wall Street and commercial lending unit he had already helped oversee, while Rohrbaugh will move from a background in trading businesses into consumer banking, according to CNBC.
This story draws on original reporting from CNBC.