The PNC Financial Services Group ($70.52 -0.42%) announced that William Demchak, president, will be the firm’s next chief executive officer, succeeding James Rohr.

Rohr plans to continue serving as executive chairman to assist the company and Demchak in the transition.

Demchak is expected to officially assume his position at the next annual meeting of the company's shareholders on April 23.

The newly named CEO joined PNC in 2002 as chief financial officer and took over the corporate and institutional banking division in 2005. Demchak was eventually elected PNC president in April 2012.

Prior to joining the company, he served JPMorgan Chase & Co. ($53.37 0.02%) as head of structured finance and credit portfolio and is currently a director of BlackRock Inc.