Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
JPMorgan Chase & Co. has identified the selection of a successor to its long-tenured Chief Executive Officer, Jamie Dimon, as a critical long-term objective for the company’s board of directors. This announcement comes after Mr. Dimon has served at the helm of the nation’s largest bank by assets for over eighteen years.
The board acknowledged the significance of a well-managed CEO transition in its recent proxy statement. The document emphasizes that a significant amount of time and effort is dedicated to cultivating qualified leadership within the company’s operating committee. Shareholders recognize these individuals as possessing the potential to excel in the CEO role.
Among those identified as potential successors are Jennifer Piepszak and Troy Rohrbaugh. Both were recently appointed co-heads of the newly formed unit encompassing JPMorgan’s commercial and investment banking operations. Additionally, Marianne Lake, who currently leads the consumer and community banking division, and Mary Erdoes, CEO of the asset and wealth management sector, were highlighted.
The emphasis on succession planning reflects a broader trend within the financial services industry. Recent leadership changes have occurred at Morgan Stanley and Lazard, with Ted Pick assuming the CEO role and Peter Orszag taking the reins at the latter. Furthermore, numerous financial institutions have implemented leadership development strategies that involve rotating executives across various business segments to equip them with a more comprehensive understanding of the company’s operations.
JPMorgan’s decision to publicly disclose its focus on CEO succession suggests a leadership change may occur within a mid-range timeframe. While this does not necessarily indicate Mr. Dimon’s imminent departure, it signals the board’s commitment to ensuring a smooth and well-orchestrated transition when it arrives.
Suppose an unforeseen circumstance requires immediate leadership continuity. In that case, the proxy statement designates Daniel Pinto, the bank’s president and chief operating officer, as the most qualified individual to temporarily assume the CEO’s responsibilities. Mr. Pinto previously served in this capacity during Mr. Dimon’s 2020 emergency heart surgery.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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