Matt Zames, the former chief operating officer of JPMorgan who was once seen as a possible successor to chief executive James Dimon, has been appointed president of private equity firm Cerberus Capital Management.

The appointment of Zames, 47, is part of a series of moves at the top of Cerberus that include the naming of firm veteran Frank Bruno as co-chief executive alongside co-founder Stephen Feinberg, people at the firm said Wednesday.