Although Jennifer Piepszak was named JPMorgan Chase & Co.’s new chief operating officer on Tuesday, Jamie Dimon’s four key department heads are still more likely to succeed him as the company’s chief executive.
In an email to MarketWatch, a person close to the bank stated that Piepszak has stated she does not wish to be considered for the CEO post at this time.
Although she would prefer a senior operating post supporting the bank’s top leadership team and working with Dimon, the source said she is “very honored and excited” about the chance to serve as chief operating officer.
One of the four CEOs of JPMorgan Chase’s main business lines is thought to be the most likely candidate to succeed Dimon as CEO.
These four include Marianne Lake, the head of consumer and community banking; Troy Rohrbaugh, the current co-chief executive of the commercial and investment bank; Mary Erdoes, the head of asset and wealth management; and Doug Petno, the bank’s current co-head of global banking, who is replacing Piepszak as co-chief executive of the commercial and investment bank.
Current COO Daniel Pinto told the board that he would continue to serve as vice chair and assist Piepszak during the transition, but he will resign as president and operating chief on June 30.
Piepszak was elevated to co-chief executive of JPMorgan’s commercial and investment bank around a year prior to the relocation.
The depth of JPMorgan Chase’s leadership bench won’t be impacted by the management changes, according to Macrae Sykes, portfolio manager at the Gabelli Financial Services Opportunities ETF GABF. However, he pointed out that the number of executives directly vying for Dimon’s position has decreased in the absence of Pinto and Piepszak.
On Tuesday afternoon, JPMorgan Chase’s stock (JPM) increased by 0.7%.
“All corporate functions will be managed jointly by Piepszak and Dimon,” JPMorgan Chase stated in a statement.
In an interview that aired on Sunday, “CBS This Morning” questioned Dimon about his retirement plans. “Last time I was asked, I said, less than five years,” he replied.
He stated that he had no idea who would finally replace him in the position.
He stated that he would probably continue to serve as the bank’s chair even after leaving his position as chief executive, but he did not specify when.
When Dimon had emergency heart surgery in 2020, Pinto, who has 40 years of experience at the bank, briefly held the position of co-CEO. By the end of 2026, Pinto intends to leave the bank and retire.
A “first-class person” who has “done a truly exceptional job in every role” at the bank, Pinto was described by Dimon as a buddy.
Piepszak has been employed with JPMorgan Chase for over thirty years, and from 2019 to 2021, he served as the financial chief. Her other positions include finance chief for mortgage banking, chief executive for business banking, and chief executive for card services.
Other changes include Petno’s replacement as head of commercial banking at JPMorgan, John Simmons, who will also become the next co-head of global banking alongside Filippo Gori.
