PNC Financial Services (NYSE:PNC) has named William Demchak as its new CEO, scheduled to take effect at PNC's shareholder meeting on April 23.
Demchak succeeds current chairman and CEO, James Rohr. Though stepping down from his CEO position in April, Rohr will act as PNC executive chairman for one year, prior to his retirement, to ease the transition.
Demchak has been with PNC since 2002, initially hired as its CFO. More recently, Demchak was named PNC president in April 2012, and currently serves on the board of directors of investment manager BlackRock.
Regarding the selection of Demchak as the next CEO, Rohr stated, "Bill has demonstrated exceptional leadership since joining PNC in 2002. ... As president, he drove customer growth by successfully aligning our businesses to deliver the entire company for our clients."
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