Summary
PNC Financial Services Group, Inc. filed an 8-K on February 13, 2012, primarily to report on executive compensation decisions made by its Personnel and Compensation Committee on February 7, 2012. The committee reviewed and approved compensation for named executive officers, largely in line with the previously disclosed 2011 compensation program. The most notable change pertains to E. William Parsley, III, Executive Vice President, Treasurer, and Chief Investment Officer. For Mr. Parsley, the committee adjusted his 2012 target compensation by increasing his base salary by $100,000 to $500,000, while simultaneously decreasing his target annual cash incentive award by a corresponding $100,000. This rebalancing of compensation aims to modify the mix of fixed versus variable pay for this key executive, while keeping his overall target compensation level consistent. All other compensation decisions for named executive officers were materially consistent with prior disclosures.
Key Highlights
- 1PNC's 8-K filing dated February 13, 2012, details executive compensation decisions for 2012.
- 2Compensation decisions were made by the Personnel and Compensation Committee on February 7, 2012.
- 3Most compensation decisions for named executive officers were materially consistent with the 2011 compensation program.
- 4A specific adjustment was made to the compensation of E. William Parsley, III (EVP, Treasurer, CIO).
- 5Mr. Parsley's 2012 base salary was increased by $100,000 to $500,000.
- 6Concurrently, Mr. Parsley's target annual cash incentive award for 2012 was decreased by $100,000.
- 7The committee's actions for Mr. Parsley involved rebalancing his total target compensation between base salary and incentive pay.