In Pittsburgh, ""PNC Financial Services Group's"":https://www.pnc.com/webapp/unsec/Homepage.do?siteArea=/PNCCorp/PNC/Home/Personal board of directors elected president William S. Demchak as director and announced that he will succeed chairman James E. Rohr as CEO.[IMAGE] [COLUMN_BREAK]
The board held the election in response to Rohr's desire to step down as CEO at the company's 2013 Annual Meeting of Shareholders on April 23 and his intention to retire from the company and the board next year. Rohr will serve as executive chairman for one year to ensure a smooth transition.
Demchak joined PNC in 2002 as CFO. In 2005, he became head of corporate and institutional banking, serving there until his promotion to senior vice chairman in 2009. He was named head of all PNC businesses in 2010 and elected PNC president in April 2012.
Prior to joining PNC, Demchak served as head of structured finance and credit portfolio for JPMorgan Chase.
He is also a director of BlackRock, Inc., an investment management firm owned in part by PNC.