JP Morgan Chase has announced the promotion of executives Doug Petno and Troy Rohrbaugh, who will take command of the group's two key areas and assume the role of co-presidents, in a move that is part of the preparation for the succession of its historic CEO, Jamie Dimon.
Until now, Petno and Rohrbaugh shared responsibility as co-CEOs of Commercial and Investment Banking. With the new structure, Petno will become the sole CEO of this unit, while Rohrbaugh will take the reins as CEO of Consumer and Community Banking, thus concentrating the leadership of both divisions.
To reinforce their weight at the top of the bank, the two executives will also assume the role of co-presidents, although the entity has specified that they will continue to report directly to Dimon. In this way, both gain prominence in the race for the succession of JP Morgan's veteran leader, who has headed the entity since 2006.
"The changes announced today represent an important step in the succession planning process and the development of our most outstanding leaders carried out by our Board of Directors. We are fortunate to have an exceptional group of senior leaders, not only on our Operating Committee, but throughout the organization, and I have never been more excited about the future of JPMorgan Chase," Dimon himself specified.
To date, Consumer and Community Banking was led by Marianne Lake, who has chosen to leave the entity after 25 years of experience at the bank. Lake will continue to collaborate with her replacement over the next few weeks to ensure a "smooth" transition.
"The promotions of Petno and Rohrbaugh to co-presidents and sole CEOs of the company's two largest businesses are part of the ongoing succession planning process carried out by the Board of Directors to ensure exceptional and consistent leadership at the highest levels of the company," reads a statement issued by JP Morgan.
Petno has 35 years with the group and has been CEO of Commercial Banking for 12 years, a period in which this activity registered a notable expansion in the United States. In addition, he was responsible for piloting the integration of Commercial, Corporate and Investment Banking into a single division.
Rohrbaugh, for his part, has more than 25 years of experience in the financial industry and has held positions of high responsibility in New York, London, and Asia. He also chaired the Foreign Exchange Committee of the Federal Reserve Bank of New York and developed part of his career at other major entities such as Goldman Sachs and Banque Nationale.