William S. Demchak assumed the position of company president and CEO, while former CEO James E. Rohr took his new position as executive chairman.
Rohr announced earlier this year that he plans to retire next year. His time in the position will help ensure a smooth transition for the company.
“Bill is well prepared to lead PNC and to execute the winning strategy he helped develop over the past decade,” Rohr said. “PNC’s customers, shareholders, employees and community will benefit from his vision and commitment to serving their needs.”
Demchak joined PNC as CFO in 2002, and in 2005, he became the head of corporate and institutional banking. In 2009, he was promoted to the position of senior vice chairman and was named head of all PNC businesses in 2010. He was elected as the company president in April 2012 and joined the board of directors in February.
Before coming to PNC, Demchak, the director of global investment firm BlackRock, served as the head of structured finance and credit portfolio for JPMorgan Chase & Co. He earned an undergraduate degree at Allegheny College and a master’s at the University of Michigan.