JPMorgan Chase on Thursday promoted two of its top executives into newly created co-president roles, marking the latest step in CEO Jamie Dimon‘s long-running succession planning while announcing the retirement of one of Dimon”s most prominent potential successors.

Doug Petno and Troy Rohrbaugh, who have jointly led the bank’s commercial and investment banking division since early 2024, were named co-presidents of JPMorgan effective immediately, according to a regulatory filing.

As part of the changes, Petno becomes the sole CEO of the Commercial & Investment Bank, while Rohrbaugh will take over as CEO of the firm’s Consumer & Community Banking division, replacing Marianne Lake.

“The decision to elevate Doug and Troy to Co-Presidents and heads of the company’s two largest businesses reflects the Board’s confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing,” Dimon said in a statement.

Lake, a 25 year veteran of JPMorgan who has been on the short list of potential Dimon successors since serving as CFO starting in 2013, decided to retire from the firm, according to the filing.

The moves reshape the leadership team beneath Dimon, who has repeatedly said the bank’s board has multiple executives capable of eventually becoming CEO. By placing Petno and Rohrbaugh in charge of the firm’s two largest operating businesses while also elevating them to co-presidents, JPMorgan gives both executives broader management experience at a critical time.

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