Pedestrians pass a JPMorgan Chase bank branch in New York.
Michael Nagle | Bloomberg | Getty Images
JPMorgan Chase has hired Marianne Lake and Jennifer Piepszak to lead the company’s sprawling consumer bank after the longtime manager announced his resignation.
Lake, the bank’s former CFO who most recently served as head of consumer credit, and current CFO Piepszak will jointly lead the division, JPMorgan said Tuesday. They will be reporting to Gordon Smith, 62, until he retires at the end of the year.
The move supports succession planning for CEO Jamie Dimon, which has been a priority for the bank’s board of directors since Dimon is 65 years old. The two female executives, both 51 years old, are considered the front runners to eventually follow Dimon. With this move, both have extensive experience in leading key businesses for the largest US bank by asset and as chief financial officers.
“We are fortunate to have two such great leaders in Marianne and Jenn – both are examples of our extremely talented and deep management bank,” Dimon said in a statement. “Both have a proven track record of working successfully across the company and are known and recognized in the financial industry for their exceptional characters and skills.”
When asked for years about his retirement plans, Dimon replied that it was five years away. This coincided with the departure of some executives who were seen as potential successors. However, succession planning has grown in urgency in recent years, and last year Dimon had a close call calling for emergency heart surgery.
JPMorgan’s board of directors has asked Dimon to serve as CEO for “a significant number of years,” according to a company spokesperson. That probably means another five to seven years if Dimon stays healthy and his performance doesn’t deteriorate, according to people with knowledge of the situation.
The shuffle leaves Daniel Pinto, 58, who had been co-president and co-chief operating officer with Smith, sole owner of those titles, along with his responsibility for running the company’s massive Wall Street division. Pinto and Smith took control of JPMorgan last year while Dimon was recovering from the operation.
The bank has named Jeremy Barnum, director of global research for the corporate and investment bank, as CFO to succeed Piepszak. The news was previously reported by the Wall Street Journal.
In the statement, Dimon praised Smith, called him “one of the best employees I have ever done” and said he was “extremely grateful” for the work he did at the bank.
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