In a reshuffling of executives Tuesday, PNC Bank Corp. named Michael Mortensen chief executive officer of its PNC Brokerage Corp. subsidiary.
Mr. Mortensen succeeds Joel Calvo, who was recently named to head the capital markets division. Mr. Calvo retains his title of president.
The reorganization comes after the departure several months ago of Robert Cline, who had previously headed capital markets. Mr. Cline left Pittsburgh-based PNC to "pursue other interests," said Mr. Mortensen.
Mr. Mortensen was previously head of the 225-strong national sales force and will continue to run that part of the business day-to-day, until a successor is appointed, he said. PNC is searching for an executive to fill that role, he added.
Mr. Mortensen's new duties, meanwhile, will include working closely with the private banking division to increase the company's "emerging affluent" customer base and working on overall marketing for the brokerage unit.
Mr. Mortensen joined PNC three years ago from New York-based Essex Corp.