JPMorgan shakes up Dimon succession with two new presidents

JPMorgan Chase’s succession plan is taking shape, with the bank promoting Doug Petno and Troy Rohrbaugh to co-presidents as potential successors to longtime CEO Jamie Dimon.

It also named Petno and Rohrbaugh as CEOs of its two largest businesses and awarded both executives $30 million retention bonuses.

Petno will head the commercial and investment bank, and Rohrbaugh will helm the consumer and community banking after Marianne Lake—a longtime aide to Dimon widely seen as his likely successor—retires.

Dimon, 70, has been the CEO since 2006. He is expected to hold the role for another three years before transitioning to executive chairman.