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PNC FINANCIAL SERVICES GROUP, INC. 8-K/A Report, Executive Changes (May 24, 2024)

Reports
Leadership Changes
Filing Date
Filed May 24, 2024
Period End
February 16, 2024
Security
PNC
In the record · 2016–202610-K1110-Q328-K210

PNC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 210 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’17Apr ’17
  2. Deal closed8-K · May ’20May ’20
  3. Leadership change8-K · Jun ’22Jun ’22
  4. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K/A filed May 24, 2024. Cited figures are marked; the original filing is the authoritative source.

PNC Financial Services Group, Inc. (PNC) has filed an 8-K/A amendment to disclose an adjustment to the compensation of Mr. William S.

Demchak, who was appointed President of PNC. Effective February 16, 2024, his target total compensation for 2024 was increased from $9,000,000 to $10,500,000a.

This adjustment reflects his new role and responsibilities within the company. The compensation structure for Mr. Demchak will now consist of 65% long-term incentive compensation and 35% cash compensation, while his annual base salary of $700,000b remains unchanged.

02—Key points

Key Highlights

  1. Increase in 2024 target total compensation for President William S. Demchak from $9,000,000 to $10,500,000, effective February 16, 2024.
  2. This compensation adjustment is directly tied to his appointment as President of PNC.
  3. The pay mix for Mr. Demchak's total compensation is now 65% long-term incentive compensation and 35% cash compensation.
  4. Mr. Demchak's annual base salary of $700,000 remains unchanged.
  5. The Human Resources Committee of PNC's Board of Directors approved these changes.

03—Questions

Frequently Asked Questions

  1. What is the primary purpose of this 8-K/A filing?

    The primary purpose of this filing is to amend a previous report to disclose an adjustment to the 2024 target total compensation for PNC's President, Mr. William S. Demchak, following his appointment to that role.

  2. How has Mr. Demchak's compensation changed?

    Mr. Demchak's target total compensation for 2024 has been increased from $9,000,000 to $10,500,000. His base salary remains at $700,000, but the structure of his overall compensation has shifted to 65% long-term incentive and 35% cash.

  3. When did these compensation changes become effective?

    The changes to Mr. Demchak's target total compensation and pay mix became effective on February 16, 2024.

  4. Does this filing indicate any changes in PNC's overall financial performance or strategy?

    This specific filing solely pertains to the executive compensation of the President and does not directly provide insights into PNC's overall financial performance or strategic direction. Such information would typically be found in other SEC filings like the 10-Q or 10-K.

04—Continue

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