The long-standing question of who will ultimately replace JPMorgan Chief Executive Jamie Dimon ended Tuesday when the nation's largest financial institution announced that one of its potential successors does not want the job. The announcement that another person is leaving the company raises further questions.
The company said Jennifer Piepszak, who had long been seen as a leading candidate to succeed Dimon, has withdrawn from the race and chosen to become chief operating officer.
Mr. Piepszak will succeed Daniel Pinto, a Dimon executive and 40-year investment banking veteran who has also been floated as a potential successor. Instead, he will step down as president and chief operating officer (COO) on June 30 and retire at the end of 2026.
A spokesperson for the bank said: “Mr Piepszak has made it clear that he is seeking a senior sales role, working closely with Jamie and supporting the executive team, and is not seeking a CEO role at this time.'' said.
As Mr. Dimon approaches his 20th year in the top position, succession plans are being watched across Wall Street, especially at JPMorgan. The bank is rotating senior executives across divisions to provide a more comprehensive experience.
Mr. Piepszak has held several positions during his 30 years at JPMorgan, currently serving as co-CEO of the commercial and investment bank. She served as the company's financial director from 2019 to 2021.
Current CEO candidates include Marianne Lake, CEO of Consumer and Community Banking, Troy Rohrbaugh, Head of Commercial and Investment Banking, and Mary Erdoes, CEO of Assets and Wealth Management. There is.
Dimon has run America's largest 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 has done a good job of shuffling around executives to gain more experience,” said David Wagner, portfolio manager at Aptus Capital Advisors LLC. .
“But when a CEO stays at the helm too long, many of his protégés grow old and would rather ride off into the sunset than take on a role where they would be expected to stay there for perhaps a decade.” You will like it.”
Mr. Pinto had previously been listed by the board as an executive who could replace Mr. Dimon as CEO in the short term, as he did in 2020 when Mr. Dimon underwent 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 announced that Doug Petno, co-head of global banking, will replace Piepszak as co-chief executive officer of the bank's commercial and investment banking business.
According to people familiar with the matter, Mr. Petno may also be included as a top candidate.
with post wire
