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[March 13, 2014]
PNC CEO Demchak's pay rose 6% last year to $7.98M [The Pittsburgh Tribune-Review :: ]
(Pittsburgh Tribune-Review (PA) Via Acquire Media NewsEdge) March 13--A 6 percent increase pushed PNC Financial Services Group CEO William Demchak's compensation in 2013 to $7.98 million, the company's proxy statement disclosed on Thursday.
That's an increase from $7.53 million that Demchak received in 2012 as president. Demchak succeeded James Rohr as CEO in April.
Rohr, the executive chairman, has said he will retire at PNC's annual shareholders meeting on April 22 at the InterContinental Hotel in Tampa.
Demchak's base salary rose to $922,115, from $750,000, and he received a cash incentive payment of $3.08 million, up from $1.83 million in 2012.
PNC granted Demchak stock incentive awards in 2013 with an estimated value of $3.86 million, down from $4.47 million the year before. The 2013 stock was awarded for Demchak's performance in 2012.
PNC's proxy reported that on Feb. 13 he was granted $6 million in stock incentive awards for his performance in 2013, not all of which included in 2013 total compensation.
Demchak joined PNC in 2002 as vice chairman and chief financial officer. He became senior vice chairman in September 2010, and president in April 2012.
Rohr's total compensation dropped last year to $8.4 million from $8.9 million in 2012. His base salary of $1.06 million declined from $1.2 million.
John D. Oravecz is a Trib Total Media staff writer. Reach him at 412-320-7882 or email@example.com.
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