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JPMorgan Chase reportedly revealed the identities of executives who may succeed its current chief executive officer, Jamie Dimon. The financial institution’s board revealed the potential successors this week.
According to Reuters, JPMorgan’s board has spent considerable time forming the operating committee. This group consists of well-known executives and shareholders, the strongest candidates to replace Dimon.
Leadership Transition at US’ Largest Bank
The identification of potential successors of CEO Dimon is said to be paving the way now for the impending leadership transition at the company. The succession is currently in the spotlight across Wall Street as new leaders were recently appointed at major financial firms, including Morgan Stanley and Lazard.
JPMorgan is expected to be the next company in the financial services sector to have its new CEO as Dimon is getting close to retirement. He is now 68 years old and may step down within three years. Then again, Brian Mulberry, a manager at Zacks Investment Management, predicted that the chief would exit within five years.
"Considering the increased discussion and disclosures around succession, the target date in my mind has to be within two to five years," he explained. "Otherwise you would not be having these types of letters, disclosures, and discussions very publicly."
At any rate, Dimon’s departure will eventually lead to a leadership transition at Chase as other senior executives are expected to be appointed to new roles as well.
The Potential Successors of Dimon
Reports mentioned several names of those who may serve as new CEO once Dimon leaves. They have been named potential successors mainly because they were recently promoted to new roles.
The top candidates at this time are Jennifer Piepszak and Troy Rohrbaugh, who were promoted to co-CEOs of JPMorgan’s commercial and investment banking unit. The New York Post reported that Marianne Lake, who was appointed chief of the company’s consumer and community banking division, is another contender. The other two candidates are Mary Erdoes and Daniel Pinto.
Photo by: IKECHUKWU JULIUS UGWU/Unsplash
