PNC Financial Services Group Inc. on Tuesday announced an expanded role for Senior Vice Chairman William S. Demchak, giving him supervisory responsibility for all PNC businesses and reinforcing the notion that he is Chief Executive James E. Rohr's heir apparent.
Demchak will add the oversight of PNC's asset management and retail banking businesses to his list of duties. He currently oversees corporate and institutional banking and asset and liability management for the company. Demchak, a former JPMorgan Chase & Co. structured finance executive, joined Pittsburgh-based PNC in 2002 as vice chairman and chief financial officer, and was promoted to senior vice chairman last year.
"While we do not view any CEO succession as imminent, this morning's announcement does help to create a clearer path for a likely sequence of events in coming years," R. Scott Siefers, an analyst with Sandler O'Neill & Partners LP, wrote in a research note to clients.