JPMorgan Chase announced on Tuesday that Daniel Pinto, the current co-CEO of the company’s investment bank, will become the sole CEO with the departure of co-CEO Mike Cavanaugh.
Cavanaugh, who has spent more than 20 years at JPMorgan, will leave the bank to become co-president and co-COO of The Carlyle Group, a global alternative asset management firm.
“[Mike’s] a highly talented executive and has been an integral part of our management team, as our CFO for six years and as co-CEO of the Corporate & Investment Bank,” JPMorgan Chairman and CEO Jamie Dimon said. “He’s also a special person, and we wish him well in his choice to take on a new challenge. While we would prefer he stay at the firm, we are glad he’s going to a valued client in Carlyle. I know the whole Operating Committee joins me in thanking him for his years of service to our firm.”
Pinto is the co-founder, chairman and managing partner at Stanhope Capital. Previously, he served as the CEO of Chrysalead and as executive director of UBS Investment Bank.
“I am very honored to become CEO of the Corporate & Investment Bank,” Pinto said. “It’s truly a privilege to lead the talented team in CIB at a time when the business is performing exceptionally well. We will all miss Mike—he’s been a terrific partner and friend and key contributor to our success. We will continue to work hard for that success, and, as we always have, to serve our clients with distinction.”