PNC Moves President To Chief Risk Officer In Management Shuffle
February 17 2012 - 7:34PM
Dow Jones News
PNC Financial Services Group Inc. (PNC) announced a management
shuffle Friday, stripping the president title from Joseph Guyaux
while making him a senior vice chairman and chief risk officer.
Neil Hall, who has been in charge of the Pittsburgh bank's
retail distribution system since 2005, will take over as head of
retail banking, which was under Guyaux's purview as president.
The changes were made Wednesday, PNC said in a filing with the
Securities and Exchange Commission. Hall will report to Senior Vice
Chairman William Demchak, as will Saiyid Naqvi, chief executive of
PNC Mortgage, the filing said.
"The change supports PNC's strategic priorities," a spokesman
for PNC wrote in an email Friday.
In December, PNC said its chief risk officer at the time, Enrico
Dallavecchia, stepped down from the position and was on
administrative leave, the Wall Street Journal reported.
Dallavecchia, the former chief risk officer of Fannie Mae (FNMA),
is one of six former Fannie Mae and Freddie Mac (FMCC) executives
the SEC sued in December for allegedly misleading investors on
risks related to subprime loans.
-By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214;
andrew.r.johnson@dowjones.com
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