JPMorgan Names Co-Presidents, Gives $30M Retention Bonuses

JPMorgan Chase (JPM) on Thursday promoted Doug Petno and Troy Rohrbaugh to co-presidents of the firm, naming them CEOs of the bank’s two biggest businesses and granting each a $30 million retention bonus to ensure their continued tenure.

Background

Petno previously led commercial and investment banking, while Rohrbaugh headed global markets. Both have over two decades of experience at the bank.

Reasons for Change

The promotions are part of CEO Jamie Dimon’s succession plan, as he has indicated he may step down within five years. The bank aims to groom the next generation of leaders.

Impact on the Company

The move gives Petno and Rohrbaugh a platform to demonstrate leadership and manage the bank’s largest revenue-generating units. The retention bonuses are designed to prevent poaching by competitors.

Market Reaction

JPM shares were little changed following the announcement, trading near all-time highs.