JPMorgan Chase said Doug Petno and Troy Rohrbaugh were appointed co-presidents effective immediately in a management change the bank said is part of the board’s ongoing succession planning process.
Petno, who had been co-chief executive of the Commercial & Investment Bank, was named sole CEO of that division. Rohrbaugh, also previously co-CEO of the Commercial & Investment Bank, was named CEO of Consumer & Community Banking.
JPMorgan said Marianne Lake, who had been CEO of Consumer & Community Banking, has decided to retire after more than 25 years at the firm and will work with Rohrbaugh and other senior executives in the coming weeks to support the transition. The bank said Mary Erdoes will remain CEO of Asset & Wealth Management and Jennifer Piepszak will remain chief operating officer, with Petno, Rohrbaugh, Erdoes and Piepszak continuing to report to Chief Executive Jamie Dimon.
In its April 2026 proxy filing, JPMorgan said CEO succession is a top board priority and is reviewed regularly by the full board and its Compensation & Management Development Committee, with candidate development focused on giving senior executives experience across different parts of the business. Reuters reported that the reshuffle places Petno and Rohrbaugh more prominently in the group of executives associated with the bank’s longer-term leadership succession process.