JPMorgan Chase has named Jennifer Piepszak its new chief financial officer.
According to an internal memo seen by CNBC, Piepszak will take on the role on May 1. She is currently chief executive officer for card services.
In addition, outgoing CFO Marianne Lake has been named the CEO of the company’s consumer lending business. She will continue to serve as a member of JPMC’s operating committee, with Piepszak also joining.
The memo to employees, which was signed by CEO Jamie Dimon and co-Presidents and Chief Operating Officers Daniel Pinto and Gordon Smith, described both women as “extraordinary executives and leaders who have been critical to our success.”
Piepszak has been with the company for 25 years, serving in a number of senior roles in the corporate and investment banking business, as well as the consumer and community banking division.
Lake has served as CFO of JPMorgan since 2012. In her new role, Lake will gain more direct experience in running a business unit within the company, which suggests she is an heir apparent to take on Dimon’s role as chairman and chief executive when he steps down in four years.
Lake is already a role model for many women in the field: The single mother of three young children has been praised not only for her ability to juggle family and career, but also for how she has handled some of the company’s toughest issues. During her first year as CFO, she had to deal with the fallout from the bank’s 2012 “London whale” trading loss.
In an interview last year, Lake said that the next CEO’s biggest challenge will be making sure JPMorgan keeps its title as the country’s most profitable big bank.
“When you are a successful company,” she said at the time, “you have to fight really hard to make sure you avoid complacency, arrogance, bureaucracy.”