Thomas H. O'Brien, chairman and chief executive officer of PNC Bank Corp., announced his retirement Thursday and passed the baton to his longtime lieutenant, James E. Rohr.

Mr. O'Brien, 63, said he would relinquish his CEO title on May 1 and will stay on as chairman until May of next year. Mr. Rohr, 51, currently president and chief operating officer, will take on Mr. O'Brien's duties on those dates while retaining the president's title. Analysts said Mr. Rohr's appointment as successor was widely expected.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.