JPMorgan’s Lake exits as Petno, Rohrbaugh named co-presidents

JPMorgan’s Lake exits as Petno, Rohrbaugh named co-presidents Gabrielle Saulsbery Thu, June 25, 2026 at 11:06 AM GMT+2 4 min read JPM This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter . JPMorgan Chase tapped longtime executives Doug Petno and Troy Rohrbaugh as co-presidents of the bank Thursday, according to a regulatory filing .

Petno, 61, and Rohrbaugh, 56, assume their roles immediately; they had been co-CEOs of JPMorgan's commercial and investment bank. In addition to their co-president roles, Petno is now sole CEO of the CIB and Rohrbaugh becomes CEO of consumer and community banking. Consumer and community banking CEO Marianne Lake, long seen as a potential successor to JPMorgan CEO Jamie Dimon, is set to retire after 25 years, the New York-based firm said.

"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 prepared statement Thursday . "We are fortunate to have in place an exceptional group of senior leaders, not only at our Operating Committee level but across our organization, and I've never been more excited about the future of JPMorganChase. " Petno and Rohrbaugh's elevation to co-presidents – a newly created role – "reflects the Board's confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing," Dimon said.

When Lake was tapped to lead the CCB alongside Jennifer Piepszak in 2021 , analysts believed it likely that one or the other would eventually take on Dimon's role, with Wells Fargo analyst Mike Mayo telling the Financial Times, "It looks like a two-woman race for the CEO job of JPMorgan. " Piepszak became the bank's chief operating officer in 2025, though. She indicated she'd rather work in a "senior operating role" than be considered to succeed Dimon "at this time," a spokesperson said at the time.

Lake, on the other hand, had seen her role grow , assuming leadership of international consumer banking and the bank's strategic growth office when CEO of International Consumer and Wealth Sanoke Viswanathan left the firm last year. Mayo had a "mixed reaction" to the news Thursday. "We would like to see the Board make preparations for the eventual retirement of Jamie Dimon.

Yet, it is also unfortunate that JPM will lose the talent of its head of CCB, Marianne Lake," hewrote in a note to investors. Succeeding Dimon would have made Lake the highest-ranking woman in the U. S.

corporate world, surpassing Citi CEO Jane Fraser, who runs a $2. 77 trillion-asset bank (as compared to $4. 9 trillion-asset JPMorgan).

Story Continues Lake "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," Dimon said Thursday. "We will miss her and wish her all the best in the future. " The roles of other executives, including Piepszak and Mary Erdoes, CEO of asset and wealth management, remain unchanged.

Piepszak and Erdoes will each receive one-time retention and continuity awards of $20 million. While analysts may want Dimon, 70, to stick around and "we think he stays for a while," Mayo wrote, his long tenure comes at a cost: "loss of talent below the top. " Truist Securities analysts said as much in a recent report , which found that half of all bank CEOs are over 65.

A bank's talent bench can take a hit when a CEO decides to stay "a few more years," they wrote. Four viable internal candidates remain to succeed Dimon, according to Mayo. Petno and Rohrbaugh are front-runners, and Mayo doesn't count out Piepszak – despite her move to an operations role – or CFO Jeremy Barnum.

"We strongly suspect that JPM would prefer an internal candidate, but we would not rule out an external candidate, too," Mayo wrote. Petno and Rohrbaugh, who have been with the firm 35 years and 21 years, respectively, will each receive one-time retention and continuity awards of $30 million. The restricted stock awards, as well as those of Erdoes and Piepszak, "are designed to incentivize leadership continuity," the bank said.

They vest only after three years if JPMorgan hits an average return on tangible common equity of no less than 12% between 2026 and 2028. Editor's note: This is a developing story and will be updated.