And PNC Chief Executive James Rohr has Lois Kreitzer.
Kreitzer has been a regular for years at annual meetings of PNC Financial Services Group (PNC), not to mention those of another bank with Pittsburgh roots, The Bank of New York Mellon (BK). She is famed for her exceptional haberdashery; the Pittsburgh Business Times reported that she wore a turquoise hat to the BNY Mellon annual meeting in early April.
At the PNC meeting Tuesday, Rohr, as is custom, picked Kreitzer to ask the first question. And, brother, do they know how to put on a show.
- Lois: "Mr. Rohr, it's me … Lois Kreitzer."
Jim: "It is! Lois, it's nice to see you again. How are you?
Jim: "Lois. I can't see. Do you have a hat on?"
Lois: "Yeah, I do."
Then they dispensed with the decorum.
First, Kreitzer complained that the annual report is far too long and a waste of money. "It's so huge. I know nobody is going to read it. I think you didn't even read it yourself."
She asked instead for a two-page version that highlights important liabilities and the earnings.
Then, she complained that the 15-member PNC board is too big and, well, too old. She urged the bank to recruit some younger blood.
Rohr responded politely that PNC had tried to keep the size of the annual report in check. But "the more we condense it, the more requirements that we have to add more disclosures," he said.
As far as overhauling the board, he pledged to mention the issue to the governance committee right after the meeting. But he also defended the board as one of the most successful set of bank directors in recent memory.
"So, well try and keep it if we can," Rohr said.