Jamie Dimon Is Talking Retirement. Meet the Frontrunners to Succeed Him.

jamie dimon is talking retirement. meet the frontrunners to succeed him.

Investors, consumers, and journalists listen when JPMorgan Chase CEO Jamie Dimon speaks. During the bank’s annual investor day on Monday in New York City, he had a lot to say.

Dimon, who at 68 years old has run the bank for 18 years, indicated on Monday that planning for his eventual retirement was more advanced than it has been in the past. He has given no signal that his retirement as CEO—a point of speculation across the industry for years—is imminent.

Investors are now sizing up leaders viewed by analysts and people familiar with the management team as contenders to one day take over as CEO. The likeliest contenders are three longtime insiders: two former chief financial officers and a trader who has risen to top management.

They are Jennifer Piepszak, Marianne Lake, and Troy Rohrbaugh, who all presented to investor day attendees on Monday. Piepszak and Rohrbaugh co-run JPMorgan’s commercial and investment bank and Lake leads the sprawling consumer and community banking business.

Each is a new position after a broad leadership shuffle in January. Lake had been co-CEO of her business and is now sole CEO, while Piepszak and Rohrbaugh were named co-chiefs of an expanded commercial and investment bank.

“We sense investors think of Jennifer Piepszak and Marianne Lake as likely among the strongest contenders for the job, when the time comes,” UBS analyst Erika Najarian wrote in a client note on Tuesday.

Dimon said on Monday that the choice was ultimately the board’s.

“We’re on the way. I mean, we’re moving people around,” Dimon said in response to a question from an analyst about how much longer he would stay on as CEO. “If you look at our company, a lot of these folks have been all over the company now. They’ve been in CFO jobs, and on the consumer side, the investment banking side.”

“The timetable is not five years anymore,” he said. That drew laughs from an audience familiar with the joke—for years Dimon has made winking public comments that he will always stay on for “five more years” when asked about succession.

His remarks—and earlier comments about the firm’s unwillingness to buy back shares at current prices—sent JPMorgan stock down 4.5% for one of its worst one-day performances in the past two years. That selloff highlighted investors’ “anxiety over CEO succession,” wrote Bank of America analyst Ebrahim Poonawala in a report to clients on Tuesday.

“We believe that it will take time for the Street to gain comfort with the next CEO and yesterday’s stock reaction was evidence of that (if one was needed),” Poonawala wrote.

He added that it may take several years to tell whether the next CEO can replicate “Dimon’s success.” An analysis by Wells Fargo equity analysts last month showed that under Dimon’s 18-year tenure, JPMorgan shares have far outperformed a key bank index in addition to the shares of comparable rival banks during their respective current CEOs’ tenures. JPMorgan is the bank in the U.S.

Meanwhile Dimon has two years before he can exercise options the bank awarded him in 2021 in a package meant to keep him leading the bank for a “significant number of years,” at the board’s request. He may also stay on as chair because the bank plans to split the roles of CEO and chair—currently both held by Dimon—when he steps down. He said on Monday: ”Will I stay as chairman for a while? We’ll see.”

Shareholders at JPMorgan’s annual shareholder meeting on Tuesday were nearly split on a shareholder proposal to separate those roles. Management opposed the proposal and it failed with 42.7% support.

Here is a look at contenders who analysts and people familiar with the management team see as the top contenders to eventually replace Dimon. A JPMorgan spokesperson declined to comment for this article.

Marianne Lake, 54

Lake has been with JPMorgan for 20 years and has been the chief executive of consumer and community banking since January, responsible for the vast consumer operations. She was previously co-CEO of the consumer and community bank.

Lake said of using artificial intelligence in her business earlier this year as part of Barron’s 100 Most Influential Women in U.S. Finance: “As much as we have been using it for years, it feels like we’re on the precipice of a serious step change in terms of the art of what is possible, not only in terms of productivity, but also increasingly personalizing the interactions our customers have with us.”

She was JPMorgan’s chief financial officer from 2013 until 2019, when she took on the role of CEO of consumer lending through 2021. During the global financial crisis of 2007 to 2009, Lake was the investment bank’s global controller. She started her career as a PwC accountant.

Jennifer Piepszak, 54

Piepszak is the longest-tenured executive on this list. She joined the bank 29 years ago and was appointed co-CEO of the commercial and investment bank in January. That encompasses businesses including global investment banking and securities services.

“We have to be humble and honest about what we can do better, deploy capital wisely, and make disciplined investments,” Piepszak said this spring when she was named to Barron’s 100 Most Influential Women in U.S. Finance.

Piepszak has held a range of senior positions at the firm. She was the chief financial officer from 2019 until 2021, when she became the co-CEO of consumer and community banking. She led consumer and community banking until her new appointment this January.

Troy Rohrbaugh, 54

Rohrbaugh started his career as a trader and has cultivated a reputation as a prudent risk manager. He was named co-CEO of JPMorgan’s commercial and investment bank in January alongside Piepszak.

His prior role was co-head of markets and securities services.

Rohrbaugh joined the firm in 2005 from Goldman Sachs, where he managed the North American foreign exchange options business. His first post at JPMorgan was global head of forex derivatives.

Write to Rebecca Ungarino at [email protected]

OTHER NEWS

8 minutes ago

Video: Shannen Doherty, 53, thinks her father's frequent illnesses made her fear being abandoned and in a way led to her three divorces

11 minutes ago

Deaths, drownings and destruction as heavy rains move through Central America. 3 killed in Guatemala

12 minutes ago

FEMA closing North Texas Disaster Recovery Centers for Juneteenth holiday

14 minutes ago

Australian shares soar amid RBA rate hold

14 minutes ago

For Dominicans, Celtics star Al Horford is a national treasure after NBA championship victory

14 minutes ago

Big batteries are solving a longstanding problem with solar power in California. Can they do the same for Australia?

14 minutes ago

Why you should consider owning a Jack Russell

14 minutes ago

Watch this heartbreaking video of L'vovo post-stroke

14 minutes ago

Flip phone sales are surging as folks seek connection without distraction

14 minutes ago

‘He was a perfect, beautiful woman’: the female impersonator who became a 1920s star

14 minutes ago

Bob Schul, the only American runner to win the 5,000 meters at the Olympics, dies at 86

14 minutes ago

Here’s how much income I’d get if I invested my entire £20k ISA into Greggs shares

14 minutes ago

Steve Borthwick planned to unleash Marcus Smith at No 10 on this tour – no matter what

14 minutes ago

Mookie Betts' injury swings NL MVP futures

18 minutes ago

Suburban swimmer Ryan Murphy officially qualifies for his third Olympic Games

19 minutes ago

Jets, Moose renew affiliation with ECHL’s Norfolk Admirals

19 minutes ago

These are the most popular trades today — and the best contrarian trades to go against the crowd

19 minutes ago

Mysterious personnel issues plague Milwaukee ahead of 2024 election — as its controversial 2020 count makes headlines again

19 minutes ago

Mets owner Steve Cohen’s hedge fund eyes new $1B AI fund: report

22 minutes ago

U.S. crude oil rises more than 1%, tops $81 per barrel as rally continues

22 minutes ago

The Fed is 'playing with fire' by not cutting rates, says creator of 'Sahm Rule' recession indicator

22 minutes ago

How many NBA championships had LeBron James, Stephen Curry won at Jayson Tatum's age?

22 minutes ago

Eyeing Kerala expansion, BJP overlooks Suresh Gopi’s solo act

22 minutes ago

A Takealot driver is recognised for his good deeds and received gifts

23 minutes ago

Another Solar Company Goes Bust

23 minutes ago

Jannik Sinner warned about the problem with being world No 1 by renowned coach

23 minutes ago

Top Boy star Ashley Walters launches new bid to extend £1million home

23 minutes ago

BBC Strictly star admits he has secretly married his long-term partner in sweet update

23 minutes ago

Max Verstappen awarded F1 2024 title as Fernando Alonso breaks McLaren, Ferrari hearts

23 minutes ago

What is modern hypergamy? The dating trend sweeping the UK

23 minutes ago

JGP and Conan miss tour as Ireland include 3 uncapped players

23 minutes ago

Abandoning emissions targets could 'decimate' economy

23 minutes ago

Over 100,000 Children, Pregnant Women Could Lose Health Care Plan in Texas

23 minutes ago

Silky Swiss bracing for battle with Scotland's pride on the line

24 minutes ago

Kate Beckinsale defends her ‘ridiculous’ bows from critics on Instagram

24 minutes ago

Mom of transgender girl athlete says Florida's investigation has destroyed her daughter's life

24 minutes ago

Illness ends Katie Boulter’s bid in Birmingham

24 minutes ago

Keith Urban on how Nicole Kidman stood by him early in their marriage: 'She chose love'

24 minutes ago

Ralph Lauren reveals Team USA uniforms for 2024 Olympic opening, closing ceremonies

24 minutes ago

After 300 km, drug overdose awareness walk comes to an end in Regina