JPMorgan Chase Names Doug Petno & Troy Rohrbaugh Co-Presidents

JPMorgan Chase announced that Doug Petno and Troy Rohrbaugh have been promoted to co-presidents of the company, a move widely viewed as part of the bank's long-term succession planning.

Petno and Rohrbaugh, who currently serve as co-CEOs of the Commercial & Investment Bank, will also become the sole leaders of JPMorgan's two largest business segments. Meanwhile, Marianne Lake, CEO of the Consumer & Community Banking division, announced plans to retire after more than 25 years with the company and will help oversee a smooth leadership transition in the coming weeks.

"The changes announced today mark an important step in our Board's thoughtful process around succession planning and development of our top leaders," CEO Jamie Dimon said in a statement, adding that he has "never been more excited about the future of JPMorgan Chase."