JPMorgan Chase & Co. named Troy Rohrbaugh and Doug Petno co-presidents as the abrupt departure of consumer banking chief Marianne Lake marked another twist in the race to succeed Chief Executive Officer Jamie Dimon.

The new titles put Rohrbaugh and Petno in a two-man race to one-day take over from Dimon, 70. Rohrbaugh will replace Lake, giving the Wall Street veteran a perch overseeing JPMorgan’s sprawling consumer business. Petno will be sole CEO of the commercial and investment bank, according to a statement Thursday.

The changes came with retention bonuses, which vest after three years, for the most senior executives. Petno and Rohrbaugh are set to receive one-time awards of $30 million each, while Chief Operating Officer Jenn Piepszak and Mary Erdoes, who leads the asset and wealth management business, will receive $20 million each, according to a regulatory filing.

“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. “We are fortunate to have in place an exceptional group of senior leaders, not only at our operating committee level but across our organization.”

Lake is the latest senior executive to exit the race to succeed Dimon in overseeing the nation’s largest bank. In 2025, JPMorgan named Piepszak its new COO, putting her in a key No. 2 role under Dimon after she ruled herself out as a possible CEO contender.

Piepszak’s and Erdoes’ roles remain unchanged with Thursday’s announcement.

The question of who will replace Dimon has become one of Wall Street’s favorite parlor games in the last decade. A laundry list of potential successors have risen through the ranks of the bank only to depart as Dimon, who’s led JPMorgan since 2006, has continued to keep a firm grip on the company.

“Given that Lake has been viewed as a front-runner, her retirement reshapes the succession field for Jamie Dimon’s CEO role, while elevating Petno and Rohrbaugh into president-level roles that have historically served as the springboard for the CEO job,” Keefe, Bruyette & Woods analyst Christopher McGratty said in a note.

Deep bench

Lake is a familiar face for JPMorgan investors, having previously served as chief financial officer for the six years leading up to 2019. When she was appointed, Lake was the first CFO with a background focused on finance and accounting in almost a decade.

In her most recent role, she was overseeing the unit at JPMorgan that banks nearly 87 million consumers and 7.5 million small businesses in the US.

“The senior executive management realignment comes as a surprise but as investors have seen in the past, senior executive management departures and realignments are not uncommon at JPM,” Gerard Cassidy, an analyst at RBC Capital Markets, said in a note. “We expect similar to in the past, JPM’s deep management bench will enable it to effectively manage through today’s senior executive realignment.”

Mike Mayo, an analyst at Wells Fargo & Co., said he had a “mixed reaction” to the management changes.

“We would like to see the board make preparations for the eventual retirement of Jamie Dimon,” Mayo said in a note to clients. “Yet, it is also unfortunate that JPM will lose the talent of its head of CCB, Marianne Lake.”

— By Jenny Surane (Bloomberg News)