Departure prompts leadership changes at JPMorgan Chase Featured

9:45am EDT June 15, 2011

NEW YORK — JPMorgan Chase & Co. on Tuesday said the head of its international business will retire from the bank early next year in a realignment that will expand responsibilities for other executives.

JPMorgan Chase announced the departure of Heidi Miller a year after she was named president of international operations. The 58-year-old previously served as head of treasury and securities services. The international post was a new one for the New York-based bank, which has been looking to expand overseas.

The duties of three other executives also will shift under the changes announced Tuesday:

Charlie Scharf, CEO of retail financial services, will become a partner in One Equity Partners, the private equity arm of JPMorgan Chase.

Todd Maclin, head of the commercial bank, will succeed Scharf as head of the company's retail business, including the branch network, consumer franchise, small business banking and the Chase private client business. He will continue as CEO of the commercial bank.

Gordon Smith, CEO of card services, will take on responsibility for JPMorgan Chase's auto finance and student lending businesses, in addition to his current role.

It is the second year in a row that the company has shuffled executive positions, part of a program JPMorgan Chase set up to have executives work across multiple divisions to broaden their experience.

Last June, in addition to making Miller the head of international operations, Doug Braunstein was named chief financial officer. He succeeded Michael Cavanagh, who took Miller's position at the time as head of treasury and securities services.

Miller "worked closely with our key business leaders to help develop a comprehensive and coordinated international business strategy, growth plan and governance structure," CEO Jamie Dimon said.

Miller's career in banking and finance spans more than 30 years, including serving as chief financial officer of Citigroup and Bank One.

Jes Staley, CEO of the JPMorgan Chase's investment bank, will also oversee the company's international franchise across all its businesses.

That move "is consistent with Heidi Miller's recommendation that responsibilities for international activities be embedded back into the businesses," a statement from the bank said.

JPMorgan Chase announced the moves after its shares fell 6 cents to close at $41.61. In aftermarket trading, the stock gained 5 cents.