8-KLeadership Changes

PNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Executive Changes (May 10, 2022)

Filed May 10, 2022For Securities:PNC

Summary

PNC Financial Services Group, Inc. (PNC) announced a change in its Board of Directors composition following its filing on May 10, 2022. The number of directors has been increased to 14 with the appointment of Dr. Renu Khator, Chancellor of the University of Houston System. Dr. Khator's appointment is effective immediately and includes her joining key committees: the Audit Committee and the Nominating and Governance Committee. Additionally, she has been appointed as a director of PNC Bank, National Association. This appointment is significant as Dr. Khator has been deemed independent under New York Stock Exchange standards. Her compensation will follow the company's standard program for non-employee directors. Investors should note that this change in board composition, particularly the addition of a director with a strong academic and leadership background, could bring fresh perspectives to PNC's strategic oversight and governance.

Key Highlights

  • 1PNC Financial Services Group, Inc. appointed Dr. Renu Khator to its Board of Directors.
  • 2The Board size was increased from 13 to 14 directors to accommodate the new appointment.
  • 3Dr. Khator's appointment is effective immediately.
  • 4She has been appointed to the Audit Committee and the Nominating and Governance Committee.
  • 5Dr. Khator was also appointed as a director of PNC Bank, National Association.
  • 6The Board has determined that Dr. Khator is independent according to NYSE standards.
  • 7Dr. Khator's compensation will align with PNC's non-employee director compensation program.

Frequently Asked Questions

Dr. Renu Khator is the Chancellor of the University of Houston System and President of the University of Houston. Her appointment is significant as she is an independent director who brings extensive leadership and academic experience to PNC's Board, potentially offering new strategic insights and strengthening the company's governance.

Dr. Khator has been appointed to serve on the Audit Committee and the Nominating and Governance Committee of PNC's Board of Directors.

Yes, Dr. Khator's appointment increases the total number of directors on PNC's Board from 13 to 14.

Dr. Khator will receive compensation in accordance with PNC's standard compensation program for its non-employee directors, as previously outlined in the company's 2022 Proxy Statement.