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JPMorgan names Doug Petno and Troy Rohrbaugh co-presidents as longtime exec Marianne Lake exits
CNBC • • business
Key Points:
- JPMorgan Chase promoted Doug Petno and Troy Rohrbaugh to newly created co-president roles, advancing CEO Jamie Dimon's succession plan and reshaping the leadership team beneath him.
- Petno becomes CEO of the commercial and investment banking division, while Rohrbaugh takes over as CEO of the consumer & community banking division, replacing longtime executive Marianne Lake, who is retiring.
- Both Petno and Rohrbaugh received $30 million in one-time restricted stock bonuses tied to JPMorgan’s performance and continued employment, signaling their status as leading candidates to succeed Dimon.
- The leadership changes give Petno and Rohrbaugh broader management experience across JPMorgan's two largest businesses, positioning them as likely successors to Dimon, who has led the bank for 20 years.
- Dimon has acknowledged that his retirement is approaching sooner than previously joked about, with the succession timeline no longer being "five years away."
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