JPMorgan Chase CEO Jamie Dimon has tapped two senior women insiders as his possible successors.
Marianne Lake will take on a new role and lead the bank’s consumer lending business, which includes card services, home lending and auto finance. She will step down as the bank’s chief financial officer effective May 1.
She will be succeeded by JPMorgan’s current CEO of card services, Jennifer Piepszak, who is now also in the running to lead the bank, when Dimon steps aside.
“I am bursting with pride over those two,” Dimon told FOX Business’ Maria Bartiromo on Thursday. “Marianne Lake is just an exceptional CFO.”
Piepszak will also join Lake as part of the bank’s operating committee of top executives.
“[Piepszak] has been in the financial function all over the company and she’s becoming the new CFO. And like Marianne, she’s got character, and talent, and brains and is trusted by people,” Dimon said.
Dimon said shuffling responsibilities and roles within the operating committee, in a way, is part of the company’s succession plan.
“It is very important, if you are on my board to say, you know, move people around, give them different experiences, seeing what they’re really good at. And so — so I think it is part of a succession plan that you would see us moving people around, trying something different,” he said.
Dimon, 63, intends to run the largest U.S. bank for at least another five years. He earned praise from investors for leading the bank out of the financial crisis and has spearheaded new investments in education and training programs more recently.
He also established himself in Washington D.C. as an advocate for business and also chairs the Business Roundtable. Dimon has brushed aside speculation that he is interested in a presidential run down the road.
Speaking to FOX Business, Dimon discussed JPMorgan Chase’s creation of AdvancingCities, a new $500 million program to create greater economic opportunity in cities across the world. Five cities, Chicago, Louisville, Miami, San Diego and Syracuse, will receive $3 million each over five years.
“This particular money is going to a bunch of local non-for-profits who do work skills initiatives in lower and middle income neighborhoods to get kids both jobs and knowledge about jobs, training for jobs and also what they need to do to get — be successful, Dimon said from Louisville, Kentucky.
Dimon noted that JPMorgan Chase has a big presence in places like Louisville where communities need a lot of help in establishing affordable housing and enhancing its work skills.
“It only really works if local governments, think of the mayor, the schools, civic society, we hear Metro United Way and business leaders come together and say, ‘here’s what we want to do for our community.’”