Executives at JPMorgan Chase and Truist announced their departures ahead of this week’s earnings, which are set to kick off on Wednesday.
Today, JPMorgan Chase announced President and Chief Operating Officer Daniel Pinto will step down on June 30 with plans to retire at the end of 2026, news that comes on the heels of Truist COO Beau Cummins‘ resignation from his role Jan. 13.
Both Pinto and Cummins were among top earners at their institutions in 2023, with Pinto earning $28.5 million and Cummins close to $6.5 million.
Despite those numbers, executive turnover is on the rise. In the third quarter of 2024, chief executive departures increased 6% year to date to 156, according to executive search and leadership advisory firm Russell Reynolds’ quarterly Global CEO Turnover Index.
At JPM, Jennifer Piepszak, co-CEO of the commercial and investment bank, will take over as COO effective immediately, according to the release.
As COO, Piepszak will be responsible for:
- Technology;
- Operations;
- The chief administration office;
- Data and analytics;
- Corporate strategy and diversity;
- Equity and inclusion; and
- JPMorgan’s global corporate centers in India and the Philippines.
Taking on Piepszak’s previous role is Doug Petno, currently the co-head of global banking, according to the release. John Simmons, head of commercial banking, will assume Petno’s responsibilities in global banking.
Shakeup at Truist continues
Truist’s Cummins had been with the Charlotte, N.C.-based bank since 2005 and “purposefully served as an instrumental leader at Truist across the bank’s corporate and investment banking, business banking and commercial real estate business,” a Truist spokesperson told Bank Automation News.
Cummins’ responsibilities will transition to Kristin Lesher, senior executive vice president and chief wholesale banking officer, and Michael Maguire, senior executive vice president and chief financial officer, according to the bank’s 8-K filing with the Securities and Exchange Commission on Jan. 13.
Cummins’ departure follows these Truist exec exits:
- Scott Case, former chief information officer, left the bank in April 2024;
- Bryce Elliott, former CIO of wholesale and enterprise functions, departed the bank in December 2023; and
- Ken Meyer, former chief information and experience officer, left the bank in October 2023.
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