PNC Picks New CEO

James Rohr executing a graceful, year-long exit as William Demchak takes over as CEO.

By Rich Smith – Apr 24, 2013 at 5:35PM EST

Yesterday's annual meeting of shareholders at PNC Financial Services (PNC 0.43%) will be the last one presided over by CEO James E. Rohr. Going forward, it will be new president and CEO William S. Demchak running the show.

On Tuesday, PNC announced that Rohr has become executive chairman of the company and plans to complete his retirement sometime in 2014. Demchak takes his place in the CEO's chair, capping an 11-year career at the bank that he joined as chief financial officer back in 2002.

Details on Demchak's compensation plan at his new post have not yet been disclosed.

This isn't the only management change afoot at PNC. Last month, the company announced CFO Richard J. Johnson's plans to retire at the end of Q3. When he does so, the CFO's post will be filled by Robert Q. Reilly, the company's current head of Asset Management.

PNC shares are responding well to last night's news, rising 0.9% in early trading to around $67.84.

Rich Smith is a contributing Motley Fool defense and stock market analyst covering publicly traded and emerging companies in defense, space, aerospace, and other sectors. Prior to The Motley Fool, Rich practiced international corporate law for Clifford Chance in Russia, and for the Russian-Ukrainian Legal Group in Moscow, Kyiv, and Washington, D.C. He holds a bachelor’s degree in international relations from the College of William & Mary, a law degree from the University of Baltimore, and a language certification from the International Institute of Russian Language & Culture in Tver, Russian Federation. The Globe and Mail once featured him as “one of the best stock pickers since 2009.”

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PNC Picks New CEO

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