JPMorgan Elevated Doug Petno and Troy Rohrbaugh to Co-Presidents as Jamie Dimon's Board Accelerates Succession Planning. Here's What That Reshuffle Signals for JPMorgan's Next Chapter.
CEO transitions can be difficult, particularly when they involve replacing a highly respected and public leader.
Overview
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon took the helm in early 2006. That was just before the start of the Great Recession, meaning he steered the ship through a very difficult period early in his tenure. At this point, roughly 20 years later, he is a highly respected voice on Wall Street. But the bank he runs is already preparing for his retirement. And it could materially reshape JPMorgan Chase. Here's what you need to know.
First off, JPMorgan Chase isn't some local bank. It is one of the world's largest financial companies, with a market cap of nearly $900 billion. Jamie Dimon is at the helm of an aircraft carrier, and it requires more than just him to steer it. So he has a team that he carefully curated over two decades. It is very likely that the person who succeeds him will be a highly successful and skilled leader. That's the good news.
Image source: JPMorgan Chase & Co.
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Originally published at www.fool.com.