JPMorgan’s Piepszak exits CEO race to become operations chief, incumbent COO Daniel Pinto to retire in 2026 | Company Business News-OxBig News Network

JPMorgan Chase’s Jennifer Piepszak, long seen as a strong contender to succeed CEO Jamie Dimon, exited the race on Tuesday and opted to become the chief operating officer of the biggest U.S. bank instead. Piepszak will succeed Daniel Pinto, a top lieutenant of Dimon and a four-decade veteran at the investment bank. He will relinquish his role as president and COO on June 30 and retire at the end of 2026.

Piepszak’s decision is the latest twist in the long-running question of who will succeed Dimon, the longest-serving major US bank CEO. Dimon, 68, has built JPMorgan into the biggest US bank in his nearly two decades at the helm. Piepszak had been considered one of the leading contenders to take over when Dimon leaves.

She had gained momentum in recent years through a series of quick promotions, though Bloomberg reported in 2023 that she had expressed reticence about taking the top job. The changes Tuesday spotlight three other executives: Marianne Lake, who runs consumer and community banking; Troy Rohrbaugh, 54, co-head of the commercial and investment bank; and Doug Petno, 59, who will succeed Piepszak running the CIB alongside Rohrbaugh.