Factbox: Key executives and potential CEO candidates at JPMorgan

First Republic Bank

08/04/2024 13:39

(Adds latest info on succession planning in paragraph 1,
updates entry on Pinto in paragraph 10)
    By Nupur Anand and Lananh Nguyen
       NEW YORK, April 8 (Reuters) - JPMorgan Chase's  JPM.N 
board is spending "significant" time on developing executives
viewed as strong contenders to succeed CEO Jamie Dimon, it said,
highlighting the succession planning underway at the biggest
U.S. bank by assets.
    The bank reshuffled executives in January to give them more
experience running different businesses. An orderly CEO
transition is the top priority for the board, it said in a
regulatory filing on Monday. 
    Here are biographies of the bank's key leaders, based on
company documents, statements and Reuters reports.
    
    JAMIE DIMON, CEO
    Dimon has been at the helm of the lender for 18 years,
steering it through the 2008 financial crisis before playing,
according to several sources, a major role in the rescue of
First Republic last year as bank failures roiled the sector. 
    Arguably Wall Street's most prominent executive, the CEO is
also a leading voice in corporate America. He is often asked to
weigh in on economic, business and public policy issues and
presents his views in an annual letter.
    Dimon is known for being a larger-than-life personality who
occasionally curses during public appearances. He also has a
reputation for being meticulous and setting a high bar for
performance among the company's employees.
    During his time at the helm, several executives who were
viewed as potential successors have left for other
opportunities. 
    Dimon, whose pay rose 4% to $36 million for 2023, also has a
financial incentive to stay. The bank's board awarded him a
retention bonus of 1.5 million stock options in 2021 that can
only be exercised in 2026.
    
    DANIEL PINTO, PRESIDENT AND CHIEF OPERATING OFFICER
    Pinto has spent his entire four-decade career at JPMorgan or
its predecessor companies. He was promoted to president and COO
in 2018 and ran the bank when Dimon had emergency heart surgery
in 2020.
    "Should the need arise in the near-term, we view Mr. Pinto
as a key executive who is immediately ready to fulfill the
responsibilities of the CEO," according to Monday's filing.
    The executive rose through the trading business, running
emerging markets, credit and fixed income. He became the head of
its corporate and investment banking unit in 2014.     

    MARIANNE LAKE, CEO OF CONSUMER AND COMMUNITY BANKING
    Lake in January was named the sole CEO of the consumer and
community bank after jointly leading it with Jennifer Piepszak.
Lake previously served as finance chief from 2013 to 2019. 
    The consumer division accounts for the bank's largest chunk
of revenue, bringing in $18 billion in the fourth quarter. 
    Lake, a two-decade veteran of the firm, "has all of the
qualities of a great leader," Dimon has said. Those include
being demanding, drawing information out of people, recognizing
talent and also challenging Dimon when she believes he is wrong,
he said.
    
    JENNIFER PIEPSZAK, CO-CEO OF COMMERCIAL & INVESTMENT BANK 
    Piepszak is the co-CEO of a newly merged commercial and
investment banking unit with Troy Rohrbaugh. 
    In her nearly three decades at JPMorgan she has served as
its finance chief, from 2019 to 2021, and CEO of card services
and business banking. Piepszak also spent 17 years climbing the
ranks in investment banking.
    Lake and Piepszak were among the executives in charge of
integrating failed First Republic Bank after JPMorgan bought it
last year. The company had not made acquisitions of this scale
since its financial crisis-era takeovers of Bear Stearns and
Washington Mutual.    

    TROY ROHRBAUGH, CO-CEO OF COMMERCIAL & INVESTMENT BANK 
    Rohrbaugh, co-CEO of the newly-merged commercial and
investment banking unit alongside Piepszak, traded currency
options earlier in his career.
    He was given a bigger remit to oversee markets, sales,
research and securities services last year. 
    JPMorgan's trading business boomed as the Federal Reserve
raised interest rates, fueling market volatility and client
activity.
    "If you went to any one of our traders right now in any
asset class – equities, mortgages, commodities - they would tell
you they are trading U.S. interest rates," Rohrbaugh told
Reuters last year.
    
    DOUG PETNO, CEO OF COMMERCIAL BANKING
    Petno will lead an expanded commercial banking business that
includes global corporate banking. 
    He has been at the bank for more than three decades, running
a unit that has more than 18,000 clients, including mid-sized
businesses and corporations, government entities and
non-profits, and more than 33,000 real estate investors or
owners.
    He previously led JPMorgan's investment banking group
covering natural resources.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
JPMorgan says CEO transition is a top priority, cites potential
Dimon successors     urn:newsml:reuters.com:*:nL3N3GH2BD
JPMorgan CEO Dimon hails US power in policy-focused letter to
investors     urn:newsml:reuters.com:*:nL3N3GH0IH
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 (Reporting by Nupur Anand and Lananh Nguyen in New York and
Niket Nishant in Bengaluru; Editing by Deepa Babington and Jan
Harvey)
 ((Nupur.Anand@thomsonreuters.com; +1 646 240 2975;))