Heidi Miller was named to the new post of president of J.P. Morgan International as part of a management shuffle to groom an eventual successor to parent J.P. Morgan Chase CEO Jamie Dimon.
Ms. Miller, who had been executive vice president for treasury and securities services, will be replaced by CFO Michael Cavanagh. Doug Braunstein, head of investment banking Americas, will succeed Mr. Cavanagh as CFO, the company said in a statement.
Mr. Dimon in March said he planned to rotate senior executives across business lines as part of a succession plan. Ms. Miller’s working relationship with Mr. Dimon spans about two decades, including stints at Travelers Group, Citigroup, Bank One and J.P. Morgan.
Mr. Cavanagh worked with Mr. Dimon at Primerica and Citigroup before joining Bank One, where Mr. Dimon had become CEO, in 2000. He was named CFO of J.P. Morgan in 2004.
Mr. Braunstein helped J.P. Morgan seal a deal to buy Bear Stearns Cos. in 2008. The company said it will announce Mr. Braunstein’s replacement soon.
Since 2004, Ms. Miller has run J.P. Morgan’s treasury and securities services unit, which provides clients with payment-processing and cash-management services. In her new position, she will lead the company’s expansion plans in emerging markets like China, Brazil, India and Russia.
“He’s grooming multiple potential successors,” said Bradley Hintz, an analyst at Sanford Bernstein & Co. “Jamie hasn’t made a decision about who’s going to take over, and he’s got time to see how they do in their new roles.”
