PNC Financial Services Group, Inc. (PNC: Quote) on Friday named Robert Reilly as the company's chief financial officer, succeeding Richard Johnson. He will assume his new position upon the retirement of Johnson, who has announced his plan to leave the company in the third quarter.
Johnson has been CFO of PNC Financial since July 2005. Earlier, he was director of finance for the company. Prior to joining PNC Financial in 2003, Johnson was president and chief executive officer of JP Morgan Services in Delaware, a subsidiary of JP Morgan Chase & Co. (JPM).
Johnson held a number of management positions at JP Morgan, including European chief financial officer in London and global business markets chief financial officer in New York City. In addition, Johnson was an audit manager at Coopers and Lybrand.
Reilly has led PNC Financial's Asset Management Group or AMG since 2005. AMG includes the Wealth Management, Capitol Advisors and Hawthorn asset management units.
Reilly joined PNC Bank in 1987 and has held various management positions in investment and commercial banking, including serving as executive vice president for PNC's Corporate Banking business. Prior to assuming his current role, Reilly was deputy head of PNC Advisors.
Reilly also serves on the board of directors for RAF Industries, the Pennsylvania Horticultural Society and the Delaware Valley Community Reinvestment Fund Investment Committee.
Commenting on Reilly's appointment, James Rohr, chairman and chief executive officer of PNC Financial said, "Rob helped build PNC's asset management group into one of the top 10 bank-held wealth managers in the United States, with total sales growth above 30 percent in each of the last two years and revenue approaching $1 billion. We believe he is the right person to advance the work of Rick Johnson."
Rohr added, "Rick's leadership contributed to PNC's dramatic expansion over the past 10 years, and he was instrumental in guiding PNC through the worst financial crisis since the Great Depression."
PNC Financial said that Orlando Esposito will succeed Reilly as head of AMG and join PNC's Executive Committee. He is currently Corporate Banking executive vice president.
PNC Financial noted that Esposito was responsible for growing corporate finance and middle market clients in the Northeast, including the states of Delaware, New Jersey, and Pennsylvania, as well as the Akron, Cleveland, and Youngstown markets.
According to the company, Esposito has been a key leader of the Sales Force Effectiveness initiative that has contributed to strong client growth in newly acquired Southeastern markets. He joined PNC in 1985 from international accounting firm Touche Ross & Co., where he was a certified public accountant.
In mid-January, PNC Financial reported an increase in profit for the fourth quarter from last year, reflecting gains from the sale of Visa, Inc. (V) shares and higher revenues that helped offset a higher provision for credit losses.
The company's fourth-quarter net income was $664 million or $1.24 per share, higher than $451 million or $0.85 per share in the prior-year quarter. Total revenue for the quarter increased 15 percent to $4.07 billion from $3.55 billion in the same period last year.
PNC closed Thursday's trading at $66.26, up $0.33 on a volume of 2.13 million shares.
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by RTT Staff Writer
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