Jamie Dimon’s retirement as CEO of JPMorgan Chase seems to be approaching. However, the exact timeline of his departure from JP Morgan is still not clear. When asked about succession planning, Dimon said he plans to stay less than five more years. This is a shift from his usual response, where he had always said retirement was five years away.
Jamie Dimon’s Retirement from JP Morgan
Jamie Dimon’s retirement from JP Morgan was always something that was joked about by the CEO. Two years ago, he announced he would remain CEO for about five more years while the bank appointed two co-presidents as potential successors.
Now, Jamie Dimon’s retirement seems uncertain. He said, “The timetable isn’t five years anymore,”
His unclear plans for succession have always sparked questions from the bank’s investors and analysts.
During his nearly two-decade tenure, Dimon turned JP Morgan into the largest US bank after the financial crisis. He also made huge profits and a high valuation after a 40% increase last year.
So, Who Will Succeed Jamie Dimon?
Dimon mentioned on Monday that he maintains the same energy for managing the company as he always has. JPMorgan’s board will determine Jamie Dimon’s retirement.
He said investors and analysts should analyze the executives who could potentially succeed him.
Marianne Lake, CEO of JPMorgan’s consumer bank, and Jennifer Piepszak, co-lead of its commercial and investment bank, are at the top of the list. They were assigned their current roles in January.
Marianne Lake leads Consumer & Community Banking (CCB) at JPMorgan Chase and is a JPMorgan Chase Operating Committee member. With two decades of experience at the firm, she oversees a business serving over 82 million consumers and 6 million small businesses in the US.
Previously, she served as CEO of Consumer Lending from 2019 to 2021 and as CFO from 2013 to 2019, where she managed Finance and Business Management, Investor Relations, Chief Investment Office, Chief Data Office, and the Chief Administrative Office.
On the other hand, Jennifer Piepszak serves as co-CEO of the Commercial & Investment Bank (CIB) and is a member of the JPMorgan Chase Operating Committee. She is responsible for overseeing all aspects of the CIB, which includes Global Investment Banking, Commercial Banking, Corporate Banking, Markets and Securities Services, and Global Payments.
Additionally, she serves as the Operating Committee sponsor for Advancing Black Pathways, which includes the Black Executive Forum and the Black Organization for Leadership Development (BOLD), a business resource group.
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