JPMorgan rejigs leadership as Piepszak steps aside, becomes COO
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The news: Jennifer Piepszak, long considered a leading candidate to succeed Jamie Dimon as chief executive of JPMorgan Chase, has opted out of the CEO race and instead become the bank’s Chief Operating Officer, effective immediately.
She replaces Daniel Pinto, who will step down as president and COO on 30 June and retire in 2026 after 40 years at the bank, the lender said in a statement.
The decision shifts attention to other CEO contenders under Dimon’s nearly two-decade leadership: Marianne Lake, head of consumer and community banking; Troy Rohrbaugh, co-head of the commercial and investment bank; Mary Erdoes, head of asset and wealth management; and Doug Petno, co-head of global banking.
Petno will replace Piepszak as co-CEO of the commercial and investment bank alongside Rohrbaugh.
What they said: Piepszak, “does not want to be considered for the CEO position at this time,” spokesperson Joe Evangelisti told Bloomberg. “Her clear preference is for a senior operating role working closely with Jamie and in support of top leadership going forward.”
Dimon, JPMorgan's CEO for nearly 20 years, has not disclosed a retirement date, but the board has indicated he may remain as chairman after ending his tenure as CEO, Bloomberg noted.
The sources: JPMorgan statement , Bloomberg
