JPMorgan’s Piepszak drops out of CEO race to become operations chief, with current COO Daniel Pinto set to retire in 2026

JPMorgan Chase’s Jennifer Piepszak, long seen as a top contender to succeed CEO Jamie Dimon, dropped out of the race on Tuesday, opting to become the bank’s CEO COO of America’s largest bank. Pipzak will replace Daniel Pinto, Dimon’s top lieutenant and a four-year veteran of the investment bank. He will step down as president and chief operating officer on June 30 and retire at the end of 2026.

Pipzak’s decision is the latest twist in the long-running question of who will succeed Dimon, chief executive of the major U.S. banks. Dimon, 68, built JPMorgan into the largest U.S. bank during his nearly two decades at the helm. Pipzak is considered one of the leading contenders to take over after Dimon leaves.

She has gained momentum in recent years with a series of rapid promotions, although Bloomberg reported in 2023 that she expressed hesitation about taking the top job. Tuesday’s changes spotlight three additional executives: Marianne Lake, who oversees consumer and community banking; Troy Rohrbaugh, 54 , co-head of commercial and investment banking; Doug Petno, 59, will succeed Piepszak in running CIB alongside Rohrbaugh.