JPMorgan Chase & Co. (JPM, Financial) has announced that its President and Chief Operating Officer, Daniel Pinto, will retire in 2025 after over 40 years with the company. His retirement is seen as part of CEO Jamie Dimon's succession planning. Pinto has been a key ally to Dimon during his tenure.
Jennifer Piepszak, currently the Co-Head of Consumer & Community Banking, will succeed Pinto as the Chief Operating Officer. In her new role, Piepszak will oversee the company's technology, operations, data and analytics, corporate strategy, and diversity initiatives. She will also manage JPMorgan's global corporate centers in India and the Philippines, which employ over 80,000 professionals.
Piepszak and Consumer Banking Head Marianne Lake have been considered top contenders for future leadership roles. However, Piepszak's new position focuses on supporting the CEO, indicating she may not be in line for the CEO role. A company spokesperson noted that Piepszak has always preferred senior operational roles, aligning with Dimon and other top executives.
Other potential CEO successors within JPMorgan include Troy Rohrbaugh, Doug Petno, and Mary Erdoes, who hold significant roles in the company's commercial and investment banking and asset management divisions.
CEO Jamie Dimon, now 68, has stated he plans to remain in his role for up to five more years while preparing for a smooth leadership transition.
