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- Departure of CEO (new) — Consumer & Community Banking CEO Marianne Lake is retiring after 25 years, triggering a leadership transition in one of the firm's two largest businesses.
JPMorgan names two Co-Presidents, CCB CEO Lake to retire, grants retention awards
Filed June 25, 2026 · Period ending June 24, 2026 · ~1 min read
Key Changes
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Doug Petno and Troy Rohrbaugh promoted to Co-Presidents; Petno becomes sole CIB CEO while Rohrbaugh moves to lead Consumer & Community Banking as Lake retires after 25 years.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Board approved $100M in retention awards: $30M each to Petno and Rohrbaugh, $20M each to Asset & Wealth Management CEO Mary Erdoes and COO Jennifer Piepszak, structured as RSUs cliff-vesting in three years.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Retention awards require 12% average ROTCE over 2026-2028 to vest, with more restrictive terms than regular equity grants including no vesting for retirement or job elimination.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
JPMorgan Chase executed a significant leadership reorganization, promoting Commercial & Investment Bank co-CEOs Doug Petno and Troy Rohrbaugh to Co-Presidents of the entire firm. Petno will lead CIB alone while Rohrbaugh takes over Consumer & Community Banking following Marianne Lake's retirement after 25 years. The board characterized the moves as part of ongoing succession planning.
The in retention awards signals the board's intent to lock in key succession candidates during what appears to be a broader leadership transition period. The awards' structure—three-year cliff vesting contingent on 12% average ROTCE and unusually restrictive terms that prevent vesting even for retirement—underscores the board's focus on continuity. Lake's departure from CCB, one of JPMorgan's two largest businesses, represents a material leadership change that investors should monitor as Rohrbaugh transitions into the role over the coming weeks.
Section-by-Section Diff
Event · Exhibit 99.1
JPMorgan Chase filed an 8-K referencing a press release dated June 25, 2026, but the filing body contains no disclosable content.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
EX-99.1 | 2 | jpmcpressrelease06252026.htm JPMORGAN CHASE & CO. PRESS RELEASE DATED JUNE 25, 2026 jpmcpressrelease06252026
The 8-K references Exhibit 99.1, a press release dated June 25, 2026, but the filing body provided contains only the exhibit index entry with no actual press release text or disclosure of the event being announced. Without the exhibit content, the nature and materiality of the disclosure cannot be determined.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
JPMorgan Chase promoted two executives to Co-Presidents, announced CEO retirement, and granted in retention awards to four executives.
Added in current filing · verify on EDGAR →
Doug Petno, 61, and Troy Rohrbaugh, 56, Co-CEOs of the Commercial & Investment Bank ("CIB"), have been elected Co-Presidents of the Firm, effective immediately. ... In addition to their new roles, Mr. Petno will become sole CEO of the CIB, and Mr. Rohrbaugh will become CEO of Consumer & Community Banking ("CCB").
JPMorgan Chase promoted two executives to Co-Presidents of the firm while simultaneously appointing them as sole CEOs of the firm's two largest businesses. Petno takes sole leadership of the Commercial & Investment Bank, while Rohrbaugh moves to lead Consumer & Community Banking. The board characterized these promotions as part of ongoing succession planning to ensure continued exceptional leadership.
Added in current filing · verify on EDGAR →
Marianne Lake, current CEO of CCB, has decided to retire from the Firm after more than 25 years of outstanding leadership and service. Ms. Lake will work with Mr. Rohrbaugh and other senior executives over the coming weeks to help guide a smooth transition.
The current CEO of Consumer & Community Banking is retiring after 25 years with the firm. This retirement creates the opening that Troy Rohrbaugh will fill as the new CCB CEO. Lake will assist with the transition over the coming weeks.
Added in current filing · verify on EDGAR →
The Awards are equity-based in the form of Restricted Stock Units (“RSUs”) that are designed to incentivize leadership continuity. The terms of the Awards are distinct from, and are generally more restrictive than, the terms of annual equity grants regularly awarded by the Firm to Operating Committee members. The Awards 100% cliff-vest after three years and are subject to an additional Vesting Performance Condition that requires the Firm to achieve a three-year average return on tangible common equity ... (“ROTCE”) of 12% for calendar years 2026, 2027 and 2028.
The retention awards are structured as restricted stock units that cliff-vest after three years, with vesting contingent on the firm achieving a 12% average return on tangible common equity over 2026-2028. The awards have more restrictive terms than regular annual equity grants, including no vesting for retirement, job elimination, or government service. Net shares are subject to an additional two-year hold after vesting.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 25, 2026 · How we verify