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.
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.
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SOURCE PNC Financial Services Group, Inc.