Source: JPMorgan Chase
In a statement, JPMorgan Chase & Co. announced that Jennifer Piepszak will be replacing Marianne Lake as Chief Financial Officer of the company. Lake will become Chief Executive Officer of Consumer Lending, which includes Card Services, Home Lending and Auto Finance. The move could be a sign that Lake is a frontrunner to replace CEO Jamie Dimon when he retires.
Lake has been CFO of JP Morgan Chase since 2013 and this will be the first time running a business unit for the company. Although she is no longer reporting directly to Dimon, she will be getting on-the-ground experience running a business that is usually required to become CEO. Lake will report to Gordon Smith who is Co-President, Co-COO, and CEO of Consumer & Community Banking.
Piepszak, who is currently Chief Executive Officer of its Card Services business, will become Chief Financial Officer for the company and a member of its Operating Committee, effective May 1.
Jamie Dimon, CEO & Chairman of JPMorgan Chase, said: “Jennifer Piepszak is an enormously talented executive who has greatly strengthened the world-class Card Services business we have today. Even more importantly, she is a first-class leader and partner who has excelled over the past 25 years in increasingly critical business and finance roles across our Corporate & Investment Bank and Consumer & Community Banking businesses.”