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Economy & Business

PNC's Rohr Steps Down, Demchak to Replace

Alex Blanck/Flickr

PNC Financial Services Group President William Demchak will replace Chairman and CEO James Rohr who is set to step down in April after nearly 13 years as head of southwestern Pennsylvania's largest bank.

The 64-year-old Rohr will step down at the annual shareholder's meeting April 23, but will remain executive chairman for a year while the bank transitions to Demchak's leadership.

The 50-year-old Demchak was hired by PNC as chief financial officer in 2002, when he left JPMorgan Chase. Since then, he's become PNC's senior vice chairman in 2009 and president last April.

Rohr was hired by PNC in 1972 and has headed the bank since May 2000. During that time, the bank's employees have more than doubled, to 56,000, and it assets have quadrupled, to $305.1 billion.

Copyright 2013 The Associated Press.