PITTSBURGH (KDKA) – PNC CEO James Rohr is stepping down, and will move to a new role as executive chairman for a year before his retirement.
PNC President William Demchak will become CEO.READ MORE: Rock Climbers Gather On Mt. Washington For 28th Annual Emerald View Park Cleanup
Rohr, 64, told the PNC bank that he wanted to leave the CEO’s role after the 2013 annual shareholders meeting, and then retire from the company next year. Click here for a profile on Rohr.
The changes will reportedly take effect at the meeting on April 23.READ MORE: Four Freight Train Cars Derail In Altoona
According to a press release from the bank, Rohr said “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. 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,” Rohr said.
The bank says 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.MORE NEWS: Hundreds Wait In Line To Get License To Carry Permits In Monroeville