PNC Bank executive William S. Demchak has moved a step closer to the corner office now occupied by Chief Executive James E. Rohr.
The Pittsburgh bank announced Tuesday that Demchak has been elected president of the bank and its holding company, the $296 billion-asset PNC Financial Services Group (PNC). He replaces Joseph C. Guyaux, a longtime PNC executive who in February was named senior vice chairman and chief risk officer.
Demchak, 49, has been a senior vice chairman since 2009 and has overseen all of PNC's business lines since 2010. He is widely believed to be Rohr's heir apparent and his promotion to president would seem to bolster his candidacy.
In news release, Rohr said that Demchak "set the standard for delivering the entire company to our customers. He brought record earnings to corporate and institutional banking" — a division he headed before becoming senior vice chairman — "and drove superior customer growth across the franchise. In his new role, I believe he will further enhance PNC's position as a national financial services leader."
Demchak joined PNC as chief financial officer in 2002 and took over the corporate banking group three years later. He also has managed PNC's asset and liability function.