William Demchak has become CEO of PNC Financial Services Group Inc., succeeding outgoing CEO James Rohr.
Rohr will serve in the new position of executive chairman for one year "to ensure a smooth transition," then plans to retire in 2014, PNC said.
The transition, announced in February, took place Tuesday in conjunction with PNC's annual meeting.
Demchak joined PNC in 2002 as chief financial officer. A year ago he became president, a title he retains, PNC said.
Rohr joined PNC in 1972 and became CEO in 2000, PNC said.
Pittsburgh-based PNC is the parent company of PNC Bank, which has the fourth-largest market share in the midstate, according to the Federal Deposit Insurance Corp. Shares trade on the New York Stock Exchange under the ticker symbol PNC.