JPMorgan Chase & Co said on Tuesday its co-chief executive of investment banking is leaving, one of several management changes that are part the bank's succession plan.

Investment bank co-CEO Bill Winters is leaving, while the other co-CEO, Steve Black, becomes executive chairman of the unit.

Jes Staley, head of asset management, becomes CEO of the investment bank, reporting to Black. Mary Callahan Erdoes, chief executive of the private bank, replaces Staley as head of asset management.

With the credit crisis largely behind us and the economy recovering, the timing was right to begin the succession process, said Dimon in the statement.

(Reporting by Elinor Comlay; Editing by Derek Caney)

Jpmorgan chase Investment