JPMorgan Chase tapped longtime executives Doug Petno and Troy Rohrbaugh as co-presidents of the bank Thursday, according to a regulatory filing.

Petno, 61, and Rohrbaugh, 56, assume their roles immediately; they had been co-CEOs of JPMorgan’s commercial and investment bank. In addition to their co-president roles, Petno is now sole CEO of the CIB and Rohrbaugh  becomes CEO of consumer and community banking.

Consumer and community banking CEO Marianne Lake, long seen as a potential successor to JPMorgan CEO Jamie Dimon, is set to retire after 25 years, the New York-based firm said.

“The changes announced today mark an important step in our Board’s thoughtful process around succession planning and development of our top leaders,” Dimon said in a prepared statement Thursday. “We are fortunate to have in place an exceptional group of senior leaders, not only at our Operating Committee level but across our organization, and I’ve never been more excited about the future of JPMorganChase.”

Petno and Rohrbaugh’s elevation to co-presidents – a newly created role – “reflects the Board’s confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing,” Dimon said.

When Lake was tapped to lead the CCB alongside Jennifer Piepszak in 2021, analysts believed it likely that one or the other would eventually take on Dimon’s role, with Wells Fargo analyst Mike Mayo telling the Financial Times, “It looks like a two-woman race for the CEO job of JPMorgan.”

Piepszak became the bank’s chief operating officer in 2025, though. She indicated she’d rather work in a “senior operating role” than be considered to succeed Dimon “at this time,” a spokesperson said at the time.

Lake, on the other hand, had seen her role grow, assuming leadership of international consumer banking and the bank’s strategic growth office when CEO of International Consumer and Wealth Sanoke Viswanathan left the firm last year.

“She has been an outstanding partner and friend and has dedicated her career to championing our people and customers, building world-class businesses and delivering results, always with unquestioned integrity,” Dimon said of Lake Thursday. “We will miss her and wish her all the best in the future.”

The roles of other executives, including Piepszak and Mary Erdoes, CEO of asset and wealth management, remain unchanged.