JPMorgan's all-male CEO race: How three women fell out of contention

Jennifer Piepszak was named chief operating officer of JPMorgan's consumer bank on Thursday. The move effectively removes her from the race to succeed Jamie Dimon as CEO, several current and former executives said.

Less than two years ago, the field included Piepszak, Marianne Lake, and Mary Erdoes. All three women were seen as credible contenders. Lake was elevated to co-head of the consumer bank alongside Piepszak in 2023. Erdoes has run asset and wealth management since 2009. The COO appointment signals a different trajectory for Piepszak, the executives said. Lake remains co-head of consumer banking. Erdoes continues to lead asset and wealth management. Neither has been positioned as a frontrunner for the top job.

The narrowing leaves two internal candidates: Troy Rohrbaugh, co-head of the commercial and investment bank, and Doug Petno, who runs the commercial bank. Rohrbaugh took on the expanded role in 2023 after the bank merged its commercial and investment banking units. Petno has led commercial banking since 2013 and is seen as a steady operator, people familiar with the bank's succession planning said.

Dimon, 69, has been CEO since 2005 and has given no public timeline for stepping down. The board has been preparing for a transition. Dimon said in 2023 that the next CEO would likely come from inside the firm.

The shift from a diverse field to an all-male slate has drawn attention inside and outside the bank. JPMorgan has promoted diversity as a priority. The bank set a goal to have women hold 30% of managing director roles by 2025. The succession narrowing undercuts that messaging, several current and former executives said.

Lake served as CFO from 2019 to 2022 and was considered the more polished external face. Piepszak ran the card services business before becoming CFO in 2022 and was viewed as Dimon's preferred internal candidate, according to people familiar with the bank's succession planning. Both women have been reassigned to roles that keep them in senior management. Those roles sit outside the CEO path.

Erdoes remains a powerful figure inside the firm. Her division generated $4.7 billion in net income in 2024, roughly 18% of JPMorgan's total. She has not been groomed for the CEO role in the same way as the male candidates, people familiar with the board's thinking said.

The board has not formally named a successor. Dimon's contract runs through 2026. He has said he plans to stay at least that long. The succession process is expected to play out over the next 12 to 18 months. The board will evaluate candidates on performance and strategic vision.

For now, the field is two men. The question inside the bank is whether that changes before Dimon leaves.