Alex Overstrom
to assume head of Retail Banking role
PITTSBURGH, May 26, 2022
/PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC)
announced today that Karen Larrimer,
head of Retail Banking and chief customer officer, has elected to
retire after more than 27 years of service and leadership to the
bank. Larrimer will remain as the bank's chief customer officer
through 2022, as she transitions out of her role as head of Retail
Banking, effective July 1.
Alex Overstrom, PNC's current head
of Small Business and deputy head of Retail Banking, will assume
responsibility for leading PNC's Retail Banking line of
business.
Larrimer has led Retail Banking since July 2016, following her appointment to chief
customer officer in 2014. Prior to that, she held several executive
positions at PNC, including chief marketing officer, EVP for
Business Banking and leadership roles within Treasury Management.
Before joining PNC, Karen was an assistant director for Ernst &
Young and served as a vice president in Corporate Banking at Mellon
Bank.
"I am personally grateful to Karen for her leadership during my
time as CEO," said William S.
Demchak, PNC chairman, president and chief executive
officer. "She is an exceptional executive and banker whose guidance
and insights have benefitted the bank and our customers in many
ways. She has played an instrumental role in PNC's growth, and she
has driven key initiatives that were squarely focused on improving
PNC's retail offerings and our customers' satisfaction. She will be
missed, and I wish her all the best in her next chapter."
During her tenure at PNC, Larrimer has led numerous significant
programs and projects that have helped position the bank as a
national competitor. In particular, as the head of Retail, she led
PNC's digital expansion, the creation of Solution Centers in PNC's
expansion markets and several rebranding efforts through
acquisitions. She also notably led the launch of Low Cash
Mode® last year, which represented the industry's first
big move to address overdraft fees and the dissatisfaction they
cause for customers. As PNC's first chief customer officer,
Larrimer also established the Office of the Customer, led several
efforts designed to improve the bank's customers' experience, and
rolled out an analytical measurement tool to gauge employee and
customer satisfaction.
Across her admirable career, Larrimer has been recognized
through numerous honors and awards, including being named one of
the Most Powerful Women in Banking by American Banker
magazine for seven consecutive years (2015-2021) and receiving the
Girl Scouts of America Award of Distinction in Business (2013). She
was named a Working Mother magazine "Mother of the Year"
(2010), designated "Women Worth Watching" by Diversity
Journal magazine (2009) and named one of the Best 50 Women in
Business in Pennsylvania
(2003).
Alex Overstrom will move into the
role of head of Retail Banking, reporting directly to Demchak.
Overstrom has been with PNC for nearly eight years, during which
time he has served in a variety of roles including head of Merchant
Services, chief operating officer of Corporate & Institutional
Banking and Asset Management and head of Aviation Finance.
In addition to his business leadership roles across PNC,
Overstrom has helped lead several important strategic initiatives
for the bank, including most recently the enterprise integration
and conversion of BBVA USA,
through which PNC signed, closed and converted 2.6 million
customers, 9,000 employees and nearly 600 branches in less than one
year. Overstrom joined PNC in 2014 from Goldman Sachs, where he
worked in strategy and investment banking.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA
Marcey
Zwiebel
(412)
762-4550
media.relations@pnc.com
INVESTOR
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.