(18 May 2017 – Australia) JPMorgan's chief executive officer Rob Priestley is stepping down after 15 years in the role.
The US-based bank told staff that Priestley will hand over responsibilities of its Australian and New Zealand business to current investment banking head, Paul Uren, as he moves into a non-executive chairman's role.
“I thought it was the right time for me and the right time for the organisation,” Priestley has told the Australian Financial Review.
“It's time to hand over the baton and day-to-day management responsibilities and stay involved as chairman.
“I am really proud of what we achieved [since taking the CEO's job in 2002]. We have built a fully diversified franchise down here in Australia in line with what the firm has globally.”
In a statement, JPMorgan chairman and chief executive for Asia Pacific Nicolas Aguzin said: “Rob has taken a strategic approach in building a diversified franchise that now includes representation from across JPMorgan's Corporate & Investment Bank, Asset & Wealth Management and Commercial Banking businesses with more than 1100 employees on the ground.”
Priestley is succeeded by Paul Uren, who will add the local chief executive responsibilities to his existing role as head of investment banking. Uren, who joined JPMorgan less than two years ago from Goldman Sachs said: “I didn't have any particular time frame in mind [when I started], but obviously, I am pleased and excited to be moving into the role.
“The business in Australia is in terrific shape. We do have leadership positions in every part of the business.”