William Demchak has taken over from Jams Rohr as president and chief executive of PNC Financial Services Group.

Rohr, who announced in February that he will retire in 2014, has taken on the new position of executive chairman. He will serve in this role for a year to help with the transition.

Demchak, a director at BlackRock, joined PNC in 2002 as chief financial officer and became head of corporate and institutional banking in 2005. He was promoted to senior vice chairman in 2009, named as head of all PNC businesses in 2010, and then elected as PNC president in April 2012.

The moves were announced at the firm’s latest annual meeting, during which shareholders also re-elected all 16 directors to the board. They are: Richard Berndt, Charles Bunch, Paul Chellgren, Demchak, Kay James, Richard Kelson, Bruce Lindsay, Anthony Massaro, Jane Pepper, James Rohr, Donald Shepard, Lorene Steffes, Dennis Strigl, Thomas Usher, George Walls and Helge Wehmeier.

In another recent development at PNC, Robert Reilly was appointed as chief financial officer, with effect from the third quarter, when current CFO Richard Johnson retires.