You have to give JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon credit for thinking about succession well ahead of his retirement date, whenever that will be.

Michael Cavanagh, CFO since 2004, will take a new job running the bank's treasury and securities services, which is highly regarded in the field. The new position will give him experience running an important business line, and certainly rounds out Cavanagh's resume, assuming  is successful, to someday run the bank as CEO.

Cavanagh would appear to be in something of a bake-off with three other executives. One would be Jes Staley, who was tapped in September as chief executive of the investment bank in a promotion that was viewed as a steppingstone to the top. He had been head of asset management. Another CEO candidate might be Heidi Miller, who was just named head of the strategically important international unit. Still another candidate might be Doug Braunstein, who was just tapped as the new CFO. Previously, he has led the bank's mergers and acquisitions team into the top ranks.

All could emerge as the front-runner to someday lead the firm over the next five years. We'll just have to let nature take its course. Of course, Dimon is only 54, so he may not be going anywhere anytime soon. He's smart enough, however, to ensure a deep bench--just in case he does. 

For more:
- here's an article from MarketWatch

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