Demchak, 50, also joins the board of directors, with Rohr taking the new title of executive chairman, PNC said yesterday in a statement. The management change takes effect at the annual shareholders meeting on April 23. Rohr, 64, who currently serves as chairman, will retire from the company next year, PNC said.
The promotion caps a decade-long tenure at PNC for Demchak, who joined in 2002 from JPMorgan Chase & Co. to become Rohr’s chief financial officer. Demchak will inherit a bank whose performance has consistently beaten its peers, said Terry McEvoy, an Oppenheimer & Co. analyst.
“If it’s not broken, 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.”
In 2005, Demchak became head of corporate and institutional banking at PNC and was said to be among candidates considered for the top job at Bank of America Corp. in 2009 as fallout from the credit crisis pushed CEO Kenneth D. Lewis from office. Instead, Demchak was named head of all PNC businesses in 2010 and president last April.