PNC Financial Services, one of the nation's largest regional banks, has named a company veteran to succeed long-time CEO James E. Rohr.
Pittsburgh-based PNC announced today that it has named William S. Demchak, who joined the bank as chief financial officer in 2002 and has served as president since April, to succeed Rohr as CEO. Demchak will move into his new role on April 23 -- the date of the annual shareholders meeting.
Rohr, 64, will remain with the bank in the new position of executive chairman in order to ensure a smooth transition but plans to retire from the board next year, PNC reported. The bank said the changes were triggered by Rohr's desire to step down from his roles as chairman and CEO.
PNC entered the Triangle market in March when it completed its $3.45 billion acquisition of Raleigh-based RBC Bank from Royal Bank of Canada.
Terry McEvoy, an analyst at Oppenheimer & Co., told Bloomberg News that it made sense for the bank to promote from within given that it has been outperforming its peers.
"If it's not broke, don't fix it," McEvoy said. "It's not like this is a broken model. The company delivered during the financial crisis like few banks were able to deliver."
PNC has about 2,900 branches and 7,300 ATM machines in 19 states and the District of Columbia.