JPMorgan Chase’s Jennifer Piepszak, long seen as a strong contender to succeed CEO Jamie Dimon, exited the race on Tuesday and opted to become the chief operating officer of the biggest US bank instead.
Piepszak will succeed Daniel Pinto, a top lieutenant of Dimon and a four-decade veteran at the investment bank. He will relinquish his role as president and COO on June 30 and retire at the end of 2026.
“Piepszak has made clear her preference for a senior operating role, working closely with Jamie and in support of the top leadership and she doesn’t want to be considered for the CEO position at this time,” a bank spokesperson said.
Succession planning is in focus across Wall Street, with JPMorgan at the center as Dimon approaches two decades in the top job. The bank has rotated senior executives across divisions to provide them with more well-rounded experience.
Piepszak has handled several roles in her three decades at JPMorgan and is currently the co-CEO of its commercial and investment bank. She was its finance chief from 2019 to 2021.
The contenders for CEO now include Marianne Lake, CEO of consumer and community banking, Troy Rohrbaugh, head of the commercial and investment bank, and Mary Erdoes, CEO of asset and wealth management.
Dimon has run the largest US lender for more than 19 years, and his next steps have long been the subject of speculation.
“Jamie Dimon is a tough act to follow, even though he’s done a great job shuffling top executives around to gain more experience,” said David Warner, portfolio manager at Aptus Capital Advisors LLC.
“But, when a CEO is at the helm for so long, many of his proteges get older and would prefer to ride off into the sunset than take on a position that they’re likely expected to be there for a decade.”
Pinto was previously cited by the board as the executive who could step in for the CEO in the near term, like he did in 2020 when Dimon had an emergency heart surgery.
“Daniel Pinto has done a truly exceptional job in every role he has played at our firm,” Dimon said in a statement.
The bank also said Doug Petno, co-head of global banking, will succeed Piepszak as co-CEO of the commercial and investment banking business.
Petno could also be in the running for the top role, according to a source familiar with the matter.
