PNC's Chief Operating Officer is departing the financial institution
In a series of notable moves, PNC Financial Services Group has announced several changes within its executive leadership.
E. William Parsley III, the Chief Operating Officer of PNC, has announced his departure from the bank, effective from July 1. Parsley, a 22-year veteran of the bank who joined PNC in 2003 from JPMorgan Chase, will be leaving his role after overseeing asset and liability management, capital and liquidity strategy, regulatory stress testing, and the company's asset resolution efforts.
In a planned reorganization of certain functions at PNC, Parsley will become an executive adviser with the bank after his departure. He is eligible for his outstanding equity awards, including a leadership continuity award granted in 2022, under a severance plan agreed upon by PNC. Parsley will receive base salary payments for 52 weeks, a prorated annual cash incentive award, and a 70% contribution to the cost of COBRA monthly premiums for a year.
The roles of commercial and retail banking are not specified in the provided context.
Meanwhile, Mark Wiedman has been hired as the bank's President, effective immediately. Wiedman, a finance executive with a 21-year tenure at BlackRock, a global investment management corporation, will report directly to the company's chairman. His role at PNC includes accelerating the bank’s growth and strengthening the leadership team.
Wiedman's appointment as president came as part of PNC’s executive leadership changes where he replaced Michael Lyons as president. Regarding the departure of E. William Parsley III, there is no specific information in the search results linking Parsley's exit directly to Wiedman’s appointment or detailing Parsley’s former role.
Elsewhere, Frank Bisignano, the current CEO of Fiserv, has been nominated by President Donald Trump to serve as commissioner of the Social Security Administration. If Bisignano is confirmed before June 30, Mike Lyons will become CEO at Fiserv ahead of schedule. Lyons, who departed PNC in January, is set to become CEO-in-waiting at Fiserv on June 30.
Parsley's departure further thins the ranks of executives under CEO Bill Demchak. The exact implications of these changes for PNC Financial Services Group remain to be seen.
- The executive leadership of PNC Financial Services Group is undergoing changes, with E. William Parsley III leaving his role as COO in business finance to become an executive adviser, and Mark Wiedman joining as the bank's President.
- In the midst of these changes, the banking sector of PNC Financial Services Group remains unclear, as the roles of commercial and retail banking are not specified in the context provided.
