PNC Chief Operating Officer E. William Parsley III will leave that role July 1 and become an executive adviser with the bank, the Pittsburgh-based lender announced Wednesday in a filing.
Parsley’s departure is part of a planned reorganization of certain functions, which will be transitioned to other core lines of business, the bank said.
Parsley is a 22-year veteran of PNC, having joined in 2003 from JPMorgan Chase. He oversees asset and liability management, capital and liquidity strategy, regulatory stress testing and the company’s asset resolution efforts, according to a bio page on PNC’s website.
He also served as chair of the arm of PNC that manages the firm’s alternative investments. Before becoming COO in February 2018, he was PNC’s treasurer and chief investment officer, according to the bio.
Under a severance plan PNC agreed to this year, Parsley will be eligible to collect his outstanding equity awards, including a leadership continuity award granted in 2022, the bank said in its filing.
Parsley also will receive base salary payments for 52 weeks, a prorated annual cash incentive award and a 70% contribution to the cost of COBRA monthly premiums for a year, according to the bank.
Parsley’s departure further thins the ranks of executives under CEO Bill Demchak. It may, however, clarify Mark Wiedman’s path as Demchak’s potential successor.
PNC this month hired Wiedman, most recently the head of BlackRock’s global client business, to serve as the super-regional bank’s president, effective immediately.
Wiedman filled a vacancy left by Mike Lyons, who departed the bank in January to become CEO-in-waiting at payments processor Fiserv.
Lyons is set to take over at Fiserv on June 30 in place of Frank Bisignano, whom President Donald Trump has nominated to serve as commissioner of the Social Security Administration.
Bisignano is awaiting confirmation by the Senate. Lyons will become CEO at Fiserv ahead of time if Bisignano is confirmed before June 30.
PNC did not issue a press release regarding Parsley’s departure.
