JP Morgan Reshuffles CEO Contenders
April 18 2019 - 6:48AM
Dow Jones News
By WSJ City
JP Morgan put two women with decades of experience at the bank
at the top of the list to one day succeed James Dimon as chief
executive.
KEY FACTS
--- Marianne Lake, who has served as chief financial officer
since 2012, will leave the role to run all of the bank's
consumer-lending businesses, including its growing credit-card
operations as well as auto lending and mortgages.
--- Lake has long been viewed as a contender to succeed Dimon,
but analysts and others monitoring the succession race believed she
first needed experience running one of the bank's major
businesses.
--- Jennifer Piepszak, who was running JPMorgan's credit-card
business, will take over as finance chief. The changes will take
effect May 1.
--- Piepszak will join the company's operating committee of top
executives, a group that already includes Lake.
--- A rising star within the bank, Piepszak's move to the CFO
role makes her one of JPMorgan's most prominent representatives and
gives her broad influence over its far-flung businesses.
Dimon, 63, is in no hurry to retire. Asked at the bank's
February investor day when he planned to step down, he said: "Five
years. Maybe four now."
The ascension of either Lake or Piepszak to the top job at the
largest US bank would be a major development for women, who occupy
few senior roles in the banking business and on Wall Street.
The suggested time frame for succession has led some to assume
the bank's co-chief operating officers-- Gordon Smith, who runs the
bank's consumer and community operations, and investment-banking
head Daniel Pinto--would be too close to retirement themselves when
Dimon departs.The two men, who assumed their current roles plus
president titles in a shake-up a year ago, are considered
candidates were Dimon to depart sooner than expected.
A fuller story is available on WSJ.com
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(END) Dow Jones Newswires
April 18, 2019 06:33 ET (10:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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