On Tuesday, the New York-based investment bank JP Morgan Chase (NYSE: JPM) announced some significant changes to its leadership, raising questions about who may be the next CEO once Jamie Dimon decides to exit.
The board of directors has made the succession of their 65 year old CEO Dimon a priority. By elevating head of consumer lending and former CFO Marianne Lake and current CFO Jennifer Piepszak to jointly oversee the bank's extensive consumer & community banking (CCB) division, each of whom are deemed to have strong chances to succeed Dimon one day.
Dimon praised both in a statement announcing the move, saying they are “examples of our extremely talented and deep management bench and have proven track records of working successfully across the firm and both are well known and respected within the financial industry for their exceptional character and capabilities.”
Lake and Piepszak will become co-heads of the CCB division effective immediately and will report to current CCB head Gordon Smith, who will retire at the end of the year. Smith, who also shared the role of president and COO with Daniel Pinto, will leave him with the sole responsibility in these areas. Despite these shifts, Pinto remains the heir apparent in the short term.