Allison Beer, the executive overseeing JPMorgan Chase & Co.’s massive credit card business, is leaving the company for an external opportunity. The news was shared with staff on Friday in a memo from Co-President Troy Rohrbaugh, which was obtained by Bloomberg.
Beer’s departure marks a significant shift for the largest US lender, which will now search for a successor to lead the card and connected commerce business. The transition is expected to take place in the coming weeks, according to Rohrbaugh’s memo.
While the memo did not specify Beer’s next career move, the term ‘external opportunity’ typically suggests a move to another company or venture. JPMorgan’s credit card business ranks among the largest in the world, making Beer’s role a highly influential one.