As JPMorgan's CEO race heats up, the case for a head-to-head succession contest is put to the test

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Companies say they want collaboration. Then comes CEO succession, when the rules seem to change.

JPMorgan Chase last week elevated Doug Petno and Troy Rohrbaugh to co-presidents, setting up a direct contest to succeed CEO Jamie Dimon. In doing so, the bank embraced a strategy that many of the world’s biggest companies still rely on despite its risks.