1 Min Read
Feb 14 (Reuters) - PNC Financial Services Group Inc, the 12th-largest U.S. bank by assets, said President William Demchak will become its chief executive when incumbent James Rohr steps down later this year.
Demchak, elected president in April last year, was seen by many as the heir apparent to Rohr, who is expected to step down as CEO and chairman on April 23.
Rohr will serve as executive chairman for one year after stepping down, the company said.
Demchak joined PNC in 2002 as chief financial officer and took charge of its corporate and institutional banking businesses in 2005. He has also managed its asset-and-liability functions.
He previously headed structured finance and credit portfolio at JPMorgan Chase & Co in New York, and is a director at BlackRock Inc, the world's largest money manager.