JP Morgan Chase (NYSE: JPM) Shuffles Executive Team

JP Morgan Chase (NYSE: JPM) Chief Executive Office Jamie Dimon shuffled his executive management team on Tuesday.  Dimon promoted one executive into a newly created role, while rotating two more executives into existing positions.   

Doug Braunstein, currently head of investing banking at JP Morgan, has been named the chief financial officer.  He replaces Michael Cavanagh, who is moving into the CEO role of the Treasury & Security Services (TSS) unit of the bank.

The move for Cavanagh is aimed to give him more experience on the operational side of the business, molding him as a possible successor for Dimon down the road.

“Mike Cavanagh has done an outstanding job as CFO of our company and has built one of the most respected financial teams in banking,” said Jamie Dimon, adding, “Mike is well-suited to build on Heidi’s success as the new head of TSS, one of our six major businesses

The TSS position was held by Heidi Miller, who left the role to become President of JP Morgan’s International division, a newly created role.

“Over the years at JPMorgan Chase we have worked hard to build a highly talented senior management team,” said Dimon. “Our firm has developed an excellent management bench, and today’s moves reflect our goal of building on our team’s experience and providing them with new opportunities to make our company even better.”

Dimon had announced a few months back that he was looking to shuffle some of executives at the bank as part of a succession plan.