JPMorgan Chase (JPM) revealed a series of major executive appointments on Tuesday, fueling ongoing speculation concerning the possible successor of current CEO Jamie Dimon. Jennifer Piepszak, one of those previously speculated as a potential future leader, is set to assume the role of chief operating officer (COO), expressing her disinterest in succeeding Dimon. Current COO, Daniel Pinto, will retire from the position at end of June.
JPMorgan's spokesperson, Brian Marchiony, stated on Tuesday that Piepszak has a strong preference for a key operational role, working closely with Jamie Dimon and backing the top management team, hence, not interested in the CEO position for now.
Meanwhile, the bank declared new appointments for Doug Petno, co-head of Global Banking, as Piepszak's successor, overseeing JPMorgan's Commercial and Investment Bank along with Troy Rohrbaugh, the current Co-CEO. Furthermore, John Simmons, head of Commercial Banking, is set to succeed Petno.
The executive reshuffling could intensify the focus on Petno, Rohrbaugh, and Marianne Lake, CEO of Consumer and Community Banking, as possible successors to Jamie Dimon, as reported by Yahoo! Finance and Bloomberg on Tuesday.
JPMorgan, the leading banking institution, will announce its fourth-quarter earnings on Wednesday morning. On Tuesday, JPMorgan stocks saw a 1.3% increase, closing at $247.47. Over a year span, the bank's shares have enjoyed about a 47% gain.