As JPMorgan’s CEO race heats up, the case for a two-person succession contest is put to the test

Companies say they want collaboration. Then comes CEO succession, when the rules seem to change.

JPMorgan Chase last week elevated Doug Petno and Troy Rohrbaugh to co-presidents, setting up a direct contest to succeed CEO Jamie Dimon. In doing so, the bank embraced a strategy that many of the world’s biggest companies still rely on despite its risks.

While a head-to-head succession race gives directors a clearer view of who is best equipped to run a company, it can also reshape relationships at the highest levels of the organization long before a CEO is chosen.

For directors, the appeal is straightforward. Running a global company requires earning the confidence of investors, regulators, employees, and customers while making decisions across the entire business. A succession race allows boards to watch finalists lead different divisions, navigate crises, and build support across the organization.

JPMorgan’s latest reshuffle follows that playbook. Rohrbaugh, who spent much of his career in trading and investment banking, will now lead the consumer bank, giving him experience overseeing the lender’s largest business.

Petno will take sole control of the commercial and investment bank.........

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