PNC Financial Services Group chairman and chief executive James Rohr will be stepping down from the region's biggest bank at the annual shareholders meeting in April, to be succeed by current president William Demchak, the company announced this afternoon.
Mr. Demchak, 50, who joined PNC from JPMorgan Chase as chief financial officer in 2002, has been considered heir apparent for several years. He was named president in April last year.
Mr. Rohr, who has been running PNC for nearly 13 years, will continue as executive chairman for one year.
The announcement does not come as a surprise. Mr. Rohr has said in the past the he expected to leave the top spot before reaching 65. He turns 65 in October.
Mr. Demchak, who also was named to the board of directors today, became head of corporate and institutional banking at PNC in 2005 and was promoted to senior vice chairman in 2009.
Mr. Rohr is one of the longest serving and influential CEOs in the region. He took the reins in May 2000 from Thomas O'Brien and added the chairman's title a year later.