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