William S. Demchak To Succeed James E. Rohr As PNC Chief Executive Officer
- Rohr to Become Executive Chairman-
PITTSBURGH, Feb. 14, 2013
PITTSBURGH, Feb. 14, 2013 /PRNewswire/ --The PNC Financial Services Group,
Inc. (NYSE: PNC) Board of Directors today elected President William S. Demchak
as director and announced that he will succeed Chairman James E. Rohr as chief
executive officer. PNC expects Demchak to become president and chief
executive officer and Rohr to assume the new position of executive chairman
effective at the Annual Meeting of Shareholders on April 23, 2013.
(Photo: http://photos.prnewswire.com/prnh/20130214/NE60774 )
(Photo: http://photos.prnewswire.com/prnh/20120424/NE93587 )
The board acted today in response to Rohr's desire to step down as chief
executive officer at the 2013 Annual Meeting and retire from the company and
the board next year. Rohr, 64, will serve as executive chairman for one year
to ensure a smooth transition.
"Bill has demonstrated exceptional leadership since joining PNC in 2002," Rohr
said. "As president, he drove customer growth by successfully aligning our
businesses to deliver the entire company for our clients. His candor and work
ethic have earned him the trust of employees and investors, and the confidence
of PNC's board. He deserves the opportunity to steer PNC into the future."
Demchak joined PNC in 2002 as chief financial officer. In 2005, he became head
of Corporate & Institutional Banking. He was promoted to senior vice chairman
in 2009 and named head of all PNC businesses in 2010. He was elected PNC
president in April 2012. Prior to joining PNC, Demchak served as head of
Structured Finance and Credit Portfolio for JPMorgan Chase & Co.
Demchak is a director of BlackRock, Inc. He earned his undergraduate degree at
Allegheny College and an MBA at the University of Michigan.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's
largest diversified financial services organizations providing retail and
business banking; residential mortgage banking; specialized services for
corporations and government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset management.
William H. Callihan
SOURCE PNC Financial Services Group, Inc.
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