Good morning! Ashley Moody is the pick to fill Marco Rubio’s Senate spot, Sephora is making over all of its North American stores, and JPMorgan's succession bake-off is reshaped. Have a restful weekend!
- Bank on it. Earlier this week, JPMorgan Chase made a statement on behalf of Jennifer Piepszak. The longtime executive "does not want to be considered for the CEO position at this time,” bank spokesperson Joe Evangelisti said. Announcing a new role for Piepszak as COO, he said "her clear preference is for a senior operating role working closely with Jamie [Dimon] and in support of top leadership going forward.”
The announcement took Piepszak out of the running in the closely-watched JPMorgan succession race. For a few years, the former firm CFO had served as co-CEO of consumer and community banking alongside then-fellow co-CEO Marianne Lake before taking on new role a year ago. Both execs were viewed as prime contenders to take over from chief Jamie Dimon—a big deal in an industry where only one woman (Citi's Jane Fraser) has ever run a major bank. For a stretch, they were the first-ever tie on Fortune’s annual Most Powerful Women list (although Piepszak pulled ahead last year, at No. 18 to Lake's No. 19).
