J. P. Morgan & Co. said Wednesday that its chairman, Lewis T. Preston, was stepping down two years before retirement and would be succeeded by the bank-holding company's current president.
J. P. Morgan, which owns Morgan Guaranty Trust Co. bank, said in a statement in New York that Dennis Weatherstone, the current president, will take over as chairman and chief executive Jan. 1.
Preston, 63, will serve as chairman of the company's executive committee starting next year, J. P. Morgan said. Preston was not required to retire until age 65.
"It's the right point in J. P. Morgan's evolution to put this new team in place," he said in a statement. "I thought there should be ample time for the firm to benefit fully from Dennis Weatherstone's leadership."