PNC Bank 2012 Annual Report Download - page 12

New Leadership
In February 2013, our Board of
Directors elected Bill Demchak
director and named him to
succeed me as PNC’s next chief
executive officer. Bill’s elevation
to CEO is a well deserved
promotion for one of the most
talented and insightful executives
with whom I have ever worked.
Bill also remains president of
the corporation and the bank,
and I will assume a new role as executive chairman to ensure a smooth transition.
The board’s action was in response to my desire to step down as chief executive officer
at the upcoming Annual Meeting of Shareholders on April 23, 2013, and retire the
following year.
Bill has demonstrated exceptional leadership since joining PNC in 2002. He was named
president in April 2012, and enhanced customer growth by successfully aligning our
businesses to deliver the entire company for our clients.
Since my election to CEO, PNC’s assets have increased from $70 billion at the end of 2000
to $305 billion as of December 31, 2012. Given our products, scale and recently expanded
footprint, your bank is poised for continued growth.
As new chapters are written in the PNC story, I believe many of our best qualities will
persevere: the importance we place on delivering value to our shareholders while serving
the needs of our customers, employees and communities, along with maintaining the
trust we have earned from those who do business with us.
Trust may not appear on our financial statements, but it underscores the values and
principles that have driven PNC’s successes and that will sustain us in the years to come
as we continue to build a great company.
Sincerely,
James E. Rohr
Chairman and Chief Executive Officer
For more information regarding certain factors that could cause future results to differ, possibly materially, from historical
performance or from those anticipated in forward-looking statements, see the Cautionary Statement in Item 7 of our 2012
Annual Report on Form 10-K, which accompanies this letter.