Mr Priestley, who has been at JP Morgan for 23 years, will be replaced by JP Morgan Australia's Paul Uren, who will retain his responsibilities as head of global investment banking.
Mr Priestley will transition into the role of chairman of JP Morgan Australia, replacing Sir Rod Eddington who will assume a new role to establish an Asia Pacific Advisory Council.
JP Morgan Asia Pacific chief executive Nicolas Aguzin said Mr Priestley has "informed me of his desire to step away from day-to-day management responsibilities".
"Since returning to Australia in 2002 and under Rob’s leadership our business has seen tremendous success and realised significant growth over the past 15 years in Australia and New Zealand," Mr Aguzin said.
"In a prime example of effective succession planning, Rob will hand-over the chief executive officer role to Paul Uren, and I am very happy that Rob will continue to provide his guidance, support and leadership as chairman for Australia and New Zealand, succeeding Sir Rod Eddington."
Read more:
Small-cap opportunities still exist: SSGA
S&P affirms AAA but ‘negative watch’ to stay
Liquidators appointed to Courtenay House
Super funds post positive returns in April
