Who is Marjorie Rodgers Cheshire and what is her background?

Marjorie Rodgers Cheshire is the new director appointed to PNC's Board. She is currently the president and chief operating officer of A&R Companies, a diversified real estate development organization. Her prior experience includes roles at the National Football League, Oxygen Media, ESPN, ABC Daytime, and The Boston Consulting Group. She holds degrees from the University of Pennsylvania's Wharton School and Stanford University.

Why was the board size increased?

The board size was increased from 15 to 16 directors to accommodate the appointment of the new director, Marjorie Rodgers Cheshire. This suggests a strategic decision to add specific expertise or perspectives to the board.

What committees will Ms. Cheshire serve on?

Ms. Cheshire will serve on the Board's Risk Committee and Audit Committee. She will also serve on the Risk Committee of PNC Bank, National Association. These committee appointments are effective November 12, 2014.

Is Ms. Cheshire considered an independent director?

Yes, the Board of Directors has determined that Ms. Cheshire is independent in accordance with the director independence standards established by the New York Stock Exchange.

PNC 8-K: Leadership Changes

Summary

This 8-K filing from PNC Financial Services Group, Inc. (PNC) announces a change in its board of directors. On October 2, 2014, the company's board increased its size by one member to 16 and appointed Marjorie Rodgers Cheshire as a new director. This appointment is effective immediately, with Ms. Cheshire also being assigned to the Risk Committee and Audit Committee of the Board, as well as director and Risk Committee roles at PNC Bank, National Association, starting November 12, 2014. The addition of Ms. Cheshire, who brings a background in real estate development, marketing, and media, is intended to strengthen the board's expertise. Her independence has been confirmed according to NYSE standards. Investors should note that Ms. Cheshire will be compensated according to the company's standard non-employee director compensation plan.

Key Highlights

1PNC Financial Services Group, Inc. appointed Marjorie Rodgers Cheshire to its Board of Directors.
2The size of the Board of Directors was increased from 15 to 16 members.
3Ms. Cheshire's appointment is effective immediately.
4She has been appointed to the Board's Risk Committee and Audit Committee, effective November 12, 2014.
5Ms. Cheshire was also appointed as a director of PNC Bank, National Association, and a member of its Risk Committee.
6The Board determined Ms. Cheshire to be independent according to NYSE standards.
7Ms. Cheshire's professional background includes roles in real estate development, marketing, and media.

PNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Executive Changes (Oct 2, 2014)

Summary

Key Highlights

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