Chief Financial Officer Richard J. Johnson plans to retire from PNC Financial Services (NYSE: PNC ) at the end of the third quarter, PNC announced Friday. Robert Q. Reilly, currently head of PNC's Asset Management Group, will take his place as CFO of the bank at that time.
Explaining the replacement, PNC Chairman and CEO James E. Rohr pointed out that, while heading up the Group, Reilly "helped build PNC's asset management group into one of the top 10 bank-held wealth managers in the United States, with total sales growth above 30 percent in each of the last two years and revenue approaching $1 billion." Reilly has been with the bank for 26 years.
Once he takes over as CFO, Reilly's own position as head of the Asset Management Group will, in turn, be filled by current Corporate Banking executive vice president Orlando C. Esposito, also a longtime PNC employee, having joined the company in 1985.
PNC shares are up 0.6% on the news, despite this being a down day for the market. Shares currently trade around $66.68.